ShopAdvisor secures $5 million in capital to evolve app
BOSTON — The maker of a mobile app designed to help consumers track and remember products for later has secured $5 million in new capital.
ShopAdvisor said it closed the financing round with Pittco Capital Partners, Seavest Capital, Rationalware Capital Partners and Boston investors Rob Soni and Bob Davoli. The new round brings the company's total funding to $7 million.
ShopAdvisor's mobile app is used by more than 12 million people, and the company said the funding would be used to help evolve it for businesses to bridge the gap between publishers, their advertisers and retailers. The app allows media companies like Condé Nast, Time and Hearst to provide shopping reader services for their tablet editions and allow advertisers to engage with readers.
"In an environment where editorial content and brand advertising are both valued by readers who shop, it seems natural to provide a way for featured brands and their retail partners to engage with those readers throughout the entire shopping cycle," ShopAdvisor CEO Scott Cooper said. "This funding will help us expand our offerings across a broader set of publishers and media platforms, delivering an innovative new service that can finally close the loop between media companies, their advertisers and retail."