Social Commerce Provider Shopit Gets $2.5 Million Second Round
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.
Shopit.com is a failing enitty that did not actually complete the funding mentioned. They recentlly laid off a number of employees. It has been reported by anonymous sources that former employees have not been paid their final wages.
A inside source also indicated that several of the current staff developers have been posting their resumes to various job boards. It also speculated that this company is posting obligatory coming soon features to appear that they are a still value add to the investment community. Sources close to the company indicate that the company is in serious dillution from warrants and grants to previous investors and has been turned down by most major investors.