ShopAdvisor Inc., the shopping experience company for media, said that it has closed a $5 million financing round led by Pittco Capital Partners, the private equity firm associated with the family of AutoZone founder J.R. “Pitt” Hyde III.
Additional investors include Seavest Capital, Rationalwave Capital Partners, and Boston-based investors Rob Soni and Bob Davoli. This round brings ShopAdvisor’s total funding raised to $7 million.
The Concord-based company, which originally launched a mobile app used by more than 12 million consumers in need of a way to remember and track products for a possible later purchase, has evolved the app for businesses to bridge the gap that exists between publishers, their advertisers and retail partners.
“ShopAdvisor currently enables leading media companies including Condé Nast, Time Inc., and Hearst Corp. to provide a valuable shopping reader service for their tablet editions, at the same time allowing their advertisers to engage with these readers at all stages of their shopping journey – from the moment of discovery, through consideration, to purchase,” the company said in a press release.
“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,” said Scott Cooper, CEO of ShopAdvisor. “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.”