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RealTime IT News

Venture Capital Firms Back mySimon

mySimon Inc. Wednesday announced it has raised $21 million in investments from Brentwood Venture Capital, The Sprout Group and Marquette Venture Partners.

As part of the financing deal, Jeff Brody, general partner of Brentwood Venture Partners and Alex Rosen, vice president of The Sprout Group, will join mySimon inc.'s board of directors.

"The close of this round of financing is a major milestone for mySimon, inc.," said Josh Goldman, CEO, mySimon, inc. "Having some of the most respected venture capital firms in Silicon Valley support us is a clear validation of our business model and gives us the capital to become one of the best known and most trafficked sites on the Web."

mySimon's Web site allows online shoppers to compare goods from more than 1,300 merchants in 170 categories. Merchants do not have to pay to be included in mySimon's searches.

Not to be left out of the new wireless trend, the company has also created a PocketShopper application for 3Com's Palm VII.

The investment will be used for a national branding campaign and for continued company expansion.



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