Print
Email
Print Edition Stories
Friday, November 14, 2008
The Pitch
MyFavz.com seeks $1.5M to mix social networking and shopping
By Mass High Tech Staff
MHT's Jim Connolly: Social network sites focus on niches, sports
MHT Editor Doug Banks on NECN: How companies are using social media
MyFavz.com
Headquarters: Somerville
Employees: 2
Founded: 2008
Web: www.myfavz.com
E-mail: info@myfavz.com
Phone: 617-899-0395
The Pitch: MyFavz is looking for $1.5 million.
PITCHING THE TECHNOLOGY
MyFavz.com is a website from Magic & Miracle Ventures LLC that combines e-commerce and social networking into a social shopping utility with patent-pending technology. The site’s “pKaboo!” feature allows users to create and share instant wish lists, in the interest of promoting affiliate marketing. The service is intended to enable users to find gifts their friends and family would want for any occasion without disclosing their identity, thereby maintaining the element of surprise. The element of surprise can even be extended in both directions, so the gift-giver doesn’t realize what they bought the recipient until it’s delivered. The system also makes shopping and gift-giving recommendations. Self-funded thus-far, the company says it generates revenue through behaviorally targeted advertising, commissions from brokerage services, and in-house services such as monthly subscriptions, data mining, and an online marketplace.
PITCHING THE PEOPLE
Who is on the management team? Apurva Jobalia, co-founder and CEO; and Rinku Jobalia, co-founder.
Have executives been involved in a cashout prior to this venture? No.
Who is on the board of advisers? MyFavz has not formed a board.
PITCHING THE BUSINESS
How much money is being sought? The company says it’s seeking $1.5 million.
What partnerships, collaborations or affiliations are already in place? None.
List any federal or state grants, contracts or awards received: In September, MyFavz was among the 150 startups selected to present at the Techcrunch50 DemoPit competition in California, according to the company.
What’s the market size being pursued? MyFavz estimates the e-commerce market to be about $155 billion.
Who are the likely competitors, direct or indirect? MyFavz says its direct competition comes from companies such as Kaboodle.com, ThisNext Inc., Crowdstorm.com, and StyleFeeder Inc. The company also says its indirect competition comes from traditional social networking and e-commerce sites like Facebook.com and Amazon.com.
Is the company profitable? No.
RSS Feeds
Comments
Please Login/Register to post comments.
No comments have been added or approved.