Lockerz acquires Wishpot, sixth exit for Italian VC fund H-Farm

Pubblicato il 19 Set 2012

“Everyone is excited about the deal! We couldn't be happier for Max and the rest of the team as well as our investors. We think Lockerz is a great company with an incredible future and are pleased to be part of their story”.

Michael Burnett, H-Farm Partner, commented with enthusiasm the deal that represents the sixth H-Farm Ventures exit.

No disclosure on purchase prize, but Wishpot, the social commerce platform based on wishlists founded in Seattle by the Italian guy Max Ciccotosto and backed by H-Farm Ventures, Monster Venture Partners, Curious Office and other angels groups, has been aquired by Lockerz

Lockerz is a highly respected venture-backed company with more than 45 million users and investors that include Liberty Media and Kleiner Perkins. The company was founded by Kathy Savitt who had previously held positions at both and the retailer American Eagle Outfitter. Recently, Kathy became the first high level hire by Marissa Mayer after she took over as CEO of Yahoo!. As part of Kathy's move to Yahoo!, she became Chairman of Lockerz and made an additional investment in the company.

So far, Lockerz raised about $ 70 million and has a growing community of young (13-30 yo) trendsetters who like to shop.

Persuaded that friends choices and likes within a social network can determine online shopping behaviour, Lockerz has been acquiring web startups whose technologies fit to its strategies, such as Vodpod, Chick Approved, AddtoAny, Plixie.

The core of Wishpot acquisition lays in its Venpop technology and business, a decisive part of the deal, since it actually represented the majority of revenue within the company Wishpot.

Venpop began a little over a year ago and in that brief period, has enjoyed remarkable success. The business allows retailers a turn-key solution for merchandising and marketing on social networks including facebook and twitter. The Venpop business complements Lockerz by providing additional technology and solutions for merchandising and marketing products on social networks like facebook and twitter.

The senior level team of Wishpot , founder Max Ciccotosto and CTO Tom Lianza will also be joining Lockerz, where they will continue to work on social commerce technologies.

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