Peer-to-peer social commerce company Shopit has secured $2.5 million in the first tranche of a second round of financing. New investor Emerson Ventures joined the round—which Shopit hopes will ultimately close at $7 million—along with previous investor Propulsion Ventures. The LA-based company develops apps that let users buy and sell products across social networks and established online sales channels like eBay. It plans to use the funds to help build out its own ad network and grow its sales team. The size of Shopit’s first funding round wasn’t disclosed.

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