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Print Edition StoriesTuesday, April 13, 2010
Searchandise raises $7M in VC funds
By Mass High Tech staff
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Searchandise Commerce has pulled in $7 million in a venture capital funding round, led by new investor Madrona Venture Group. The financing also had backing from return investors Cloquet Capital Partners LLC, DFJ Gotham Partners, Draper Associates, Milestone Venture Partners, Inflection Point Ventures and Wheatley Partners. As part of the funding round, Madrona managing director Brian McAndrews will join the Searchandise board of directors.
The Beverly-based company, which focuses on search-based e-commerce, said in a press release that it plans to direct the funding toward growing the sales and marketing, as well as operations.
Searchandise’s last round of funding, for $7.5 million, came in July 2008. The financing came as the company relaunched, changing its named from Guidester Inc. and shifting its focus from its previous role as a navigational tools company.
Searchandise Commerce offers a product ad network and uses a cost-per-click system of placing searches on the company’s SearchNet network of comparison shopping engines and retailers.
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