Leading Community Buying Website to Accelerate Growth into 20 Markets
NEW YORK--(BUSINESS WIRE)--BuyWithMe (www.buywithme.com), the premier community buying website that connects shoppers with the best deals and offers from leading local merchants, today announced the completion of a Series B round of funding for $16 million in growth capital led by Bain Capital Ventures. Matrix Partners, an existing investor, also participated.
“BuyWithMe, with its visionary management team and superior product offering, is pioneering social commerce and redefining the space. We look forward to being long-term partners with a company that has massive growth opportunities ahead.”
“We are thrilled to be able to accelerate our growth strategy with the Bain Capital Ventures investment,” said Cheryl Rosner, CEO, BuyWithMe. “Community buying is a significant trend that is transforming online purchasing. Our business model has already proven itself to be extremely successful in harnessing the power of local communities. We believe that Bain Capital Ventures is the right partner to support the next phase our growth strategy.”
“We’ve followed the social buying phenomenon, and this investment underscores our view that social networking and community based activity will drive and define the web’s evolution in the years ahead,” said Jeffrey Glass, Managing Director of Bain Capital Ventures. “BuyWithMe, with its visionary management team and superior product offering, is pioneering social commerce and redefining the space. We look forward to being long-term partners with a company that has massive growth opportunities ahead.”
Regarding the company’s plans for the future, Rosner said, “We have a deep commitment to the development of our brand and plan to use the investment from Bain Capital Ventures to further enhance our technology capabilities, supplement our team with more top talent, and accelerate our plans to be in 20 markets by the end of 2010. The investment will further increase our ability to stimulate local economies, and enable us to create valuable and long lasting relationships by connecting leading local merchants with savvy shoppers.”
Under the terms of the agreement, Jeffrey Glass, Managing Director, Bain Capital Ventures will join BuyWithMe’s board of directors alongside Nicholas Beim, General Partner at Matrix Partners, Cheryl Rosner, CEO, and the company’s founder, Andrew Moss.
BuyWithMe publishes daily deals in New York, Boston, Philadelphia, Washington D.C., and San Diego, and plans to be in 20 markets by the end of 2010.
In January 2010, the company raised Series A funding of $5.5 million from Matrix Partners. In April 2010, the company relocated its headquarters from Boston to New York and announced the appointment of Cheryl Rosner as CEO.
BuyWithMe (www.buywithme.com) is the premier community buying website that connects shoppers with the best deals and offers from leading local merchants. Through the power of community buying, customers have access to limited time sales and specials for spas, restaurants, health clubs, bars and other local activities in their city. BuyWithMe currently publishes daily deals in New York, Boston, Philadelphia, Washington D.C., and San Diego, and plans to be in 20 markets by the end of 2010. BuyWithMe is headquartered in New York City.
For more information about working with BuyWithMe and to receive free emails for the best offers in your city, sign up at www.buywithme.com.
For additional news follow @BuyWithMe on Twitter.
About Bain Capital Ventures
Bain Capital Ventures (www.baincapitalventures.com) is the Boston-based venture capital affiliate of Bain Capital, which has approximately $65 billion of assets under management worldwide. Founded in 1984, Bain Capital and its affiliates have made investments in more than 300 companies. The firm’s history of investing in early stage companies also dates back to 1984, having made over 125 venture-stage investments since inception including such companies as LinkedIn, Staples, SunGard, DoubleClick, Instinet, SolarWinds, ProfitLogic, Archer Technologies, Shopping.com, Taleo, m-Qube, Aspect Development, and Gartner Group. In 2001, Bain Capital Ventures was formed as a separate arm of Bain Capital to focus exclusively on growth investments. Bain Capital Ventures currently has approximately $1.5 billion in assets under management and invests in business services, consumer, healthcare, internet & mobile, and software companies.