Mountain View, Calif. – July 12, 2007 – TheFind.com, a leading discovery search engine known for delivering a compelling shopping experience for lifestyle goods, today announced that it has secured $15 million in Series C financing led by Bain Capital Ventures. The new financing round, which includes additional participation from existing investors Redpoint Ventures and Lightspeed Venture Partners, will be used to continue product development, accelerate TheFind.com’s traffic and revenue growth, and further expand the company’s business development efforts.
The financing will also be used to grow TheFind.com’s search capabilities beyond the 170 million products and 500,000 stores it currently indexes, and capture a significant market share position in online shopping. The e-commerce industry is projected to reach $161 billion in 2007. According to Forrester Research, 2006 marked the first time online sales of apparel overtook computers. Key lifestyle goods categories are projected to be a $99 billion online business by 2010 – 3 times the size of computer hardware and electronics.
"Our extensive diligence on this investment and our past industry experience helped us conclude that TheFind.com is leading its category in developing the best consumer shopping experience for lifestyle goods. Meeting consumer expectations in this space is a huge market opportunity,” said Scott Friend, a Venture Partner at Bain Capital Ventures. “TheFind.com brings powerful new technology and a seasoned executive team to the online shopping market, and the company has demonstrated early traction because of its differentiated approach.”
“This round of funding further validates TheFind’s approach to online shopping, and we are thrilled to partner with an experienced investor like Bain Capital Ventures. The depth of industry understanding that the firm’s partners bring, combined with their winning track record in the retail and media sectors, are invaluable in the current phase of our company’s growth,” said Siva Kumar, CEO and co-founder of TheFind.com. “We are looking forward to leveraging the new investment and the partnership with Bain Capital Ventures to deliver the most compelling consumer shopping search experience on the Web.”
Debuting in Q4 of 2006, TheFind.com reached over one million monthly unique visitors in just six months. TheFind.com delivers an innovative search experience that simplifies the expanding world of online shopping for consumers. The site focuses on delivering accurate and comprehensive search results for lifestyle goods in categories such as apparel, home and garden, health and beauty, sports and outdoor, and kids and family. TheFind.com’s patent pending technology provides the most comprehensive and unbiased shopping search results, ranked by market-leading stores, brands and styles, in an efficient and visually-engaging format that fuels product discovery.
TheFind.com debuted in October 2006 as a discovery shopping engine that delivers a comprehensive, unbiased and visually compelling shopping search experience optimized for lifestyle goods. From the most popular e-commerce sites to the most unique brands, TheFind.com crawls the entire Web to find over 170 million products from over 500,000 stores. By using its patent-pending “product ranking” technology, TheFind.com displays the best-selling products, styles, brands and stores for any shopping search right on the first page of results – saving you time and money. TheFind.com, headquartered in Mountain View, Calif., is backed by the leading investors Bain Capital Ventures, Redpoint Ventures, and Lightspeed Venture Partners. For more information, visit www.thefind.com.
About Bain Capital Ventures
Bain Capital Ventures, the venture capital arm of Bain Capital, leverages the firm’s institutional advantages and consulting-based approach to build industry-leading businesses, including past investment success in ProfitLogic, Shopping.com and Staples. Focusing on sectors such as software, wireless, healthcare, business services, and consumer, Boston-based Bain Capital Ventures benefits from the broader resources of Bain Capital, which includes over 200 investment professionals, a network of over 225 portfolio companies, over $50 billion of assets under management, and the knowledge from 20 years of successful venture investing. For more information, visit www.baincapitalventures.com.
For more information contact:
Hillary Houser, Sparkpr for TheFind.com