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Red Herrin - October 23, 2006
Getting the 411
Dealflow: $2M for online shopping.
Mall Networks
Lexington, MA
Funding: $2M
Prior funding: $2M
Round: B
Description: Creates online shopping portals for credit-card companies, affinity groups, and non-profits.
Lead Investor: The Venture Capital Fund of New England.
Other Investors: IDG Ventures Boston and LBO Enterprises.
The Herring Take: It seems like an interesting idea, and it’s getting a bit of market traction. Over 350 merchants contribute to the portals, which have been launched for a variety of organizations: NASCAR Racepoints signed on at the service’s March launch, and the RV owners’ organization “Good Sam Club,” joined up in August.
With online shopping on the rise (a $100 billion+ industry already), it’ll be interesting to see how a company that focuses on loyalty programs manages to grab a piece of the action. As more big names sign up to the service—including the Arizona DiamondBacks—Mall Networks is certainly gaining eyeballs in strides.
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