PoachIt has received an additional $1.8 million in funding as the mobile coupon provider endeavors to captivate buyers abandoning online shopping carts in search of deals they never find. PoachIt's funding now sits at $2.8 million.
PoachIt uses an intelligent shopping assistant and mobile apps to find coupon codes and track price reductions for any product, reported Tech Crunch.
The latest round of funding includes new investors Robert Sillerman, media entrepreneur and founder of SFX; Roland Berger, German entrepreneur and founder and honorary chairman of Roland Berger Strategy Consultants; and Arnab Gupta, founder and executive chairman of Opera Solutions.
And as a new vote of confidence, all of PoachIt's previous investors have returned, including Ronald Lauder, chairman at The Estee Lauder Companies; Fred Langhammer, former CEO of Este Lauder, board member at the Walt Disney Companies and chairman of global affairs at The Estee Lauder Companies; and Itzhak Fisher, founder of Pereg Ventures and executive VP of global business development for The Nielsen Company.
PoachIt initially began as a Web application before it migrated to mobile. Today the mobile business is growing faster than its desktop counterpart and both platforms combined have 175,000 users.
"I shop online all the time…and I was searching for a bag for [my wife] online and what I did when I found a couple that I liked was bookmark them to see if the price ever changed," Gidi Fisher, PoachIt's founder, told Tech Crunch. "But what I found was pretty fascinating. The items were going on sale, but not necessarily at the end of the season. Prices were always changing."
Fisher found that online pricing was constantly changing and he wanted to build a way to help consumers take advantage of those fluctuations. In essence, allow shoppers to "poach" items just as the price drops. The program then goes one step further and combines the price finder with coupon codes. The end result, according to Fisher, is fewer shopping cart abandonments.
PoachIt tracks more than a half a million products, and users are alerted to price changes via emails, which have an open rate of 64 percent and a click-through rate of 17 percent.
A recent survey by SmartFocus showed that using mobile phones and tablets to search for bargains is becoming a norm for consumers. However, despite the rising interest in online shopping, digital currently accounts for only 6 percent of all retail sales.
*This story originally appeared in FierceMobileRetail's sister publication FierceRetail.
-See this Tech Crunch article
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