October 23, 2008

Shopit Locks in Series B Financing

Shopit, the leader in peer to peer social commerce, today announced that it has locked up its Series B financing of $2.5 million. The round, which is the first tranche of a total of $7 million of capital planned for the company, included new investors, Emerson Ventures of Toronto, Canada. Previous rounds of financing were lead by Propulsion Ventures.

Shopit will leverage its new funding to speed the development of its own advertising network and continue to roll out products and partnerships that facilitate commerce in communities all over the internet.

"In turbulent economic times, we are very pleased to have this backing from our investors, as it will enable us to continue our leadership in this exciting space," said Matt Hill, CEO of Shopit. "This new funding will carry the company well into 2010, despite our plans to be profitable in mid 2009." The financing commitment establishes a basis for which the company will prosper in a market where others may not, as pre-revenue or pre-profit companies.

Shopit is actively hiring more employees in the areas of advertising, sales and technology and is looking for talented and ambitious "go-getters" for its Los Angeles based headquarters.

About Shopit

Shopit is the leader in free social commerce, allowing users to buy and sell products and services within social networks and beyond for free. The company has over 600,000 sellers across 40 social communities that reach 350 million people and is growing fast. The platform enables efficient sharing and publishing of products and information anywhere online. Products and services can be directly linked from Shopit to any site, including popular destination properties like MySpace, Facebook, AIM, Bebo, Friendster, Blogger, Hi5, Ning and many more. Shopit's free commerce platform also supports the functionality to synch with traditional ecommerce sites such as eBay, Craigslist, and Yahoo Stores.

For more information, go to http://www.shopit.com.