idealab!, PETsMART To Launch E-Commerce Site
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Internet incubator idealab! is teaming with pet supply retailer PETsMART to launch a new electronic commerce venture, PETsMART.com.
idealab! has financed a variety of now famous Internet names, including eToys and GoTo.com. Earlier this week, idealab! announced it would buy "push" pioneer PointCast and merge that company with its LaunchPad Technologies unit.
PETsMART will each have a 50 percent stake in the new venture whose investors will also include Global Retail Partners and idealab! Capital Partners.
PETsMART will merge its online business with idealab! start-up PetJungle.com and the new company will be known as PETsMART.com. It is scheduled to launch this summer.
idealab! Chairman Bill Gross said the deal will "fundamentally change the environment for starting new e-commerce ventures."
"We have brought together the best of both retailing worlds -- PETsMART's success in operating retail superstores and idealab!'s proven ability for starting and growing online retailing businesses," he said.
The company will be headquartered in Pasadena, Calif.