November 30, 2009, 12:00 AM

Local shopping site Milo.com raises $4 million in its first funding round

True Ventures, a venture capital firm that specializes in financing startups, led the financing round. Milo.com lets consumers search for products near them, presenting results from 42,000 stores in 30,000 communities.

Local product search site Milo.com has raised $4 million in an initial funding round.

True Ventures, a venture capital firm that specializes in financing startups, led the financing round. Other investors include executives from YouTube, web measurement firm comScore Inc. and online financial services provider Mint.com.

"The round was very oversubscribed, and we`re extremely excited to have picked True Ventures and some of Silicon Valley`s most prominent angel investors to partner with Milo.com," says Jack Abraham, Milo.com founder and CEO. "We`ve been able to attract some of the great forward-thinking entrepreneurial minds, with category-specific success, to help us build a bridge between online and offline commerce."

Milo.com, which went live in a public test last December, lets consumers search for products near them, presenting results from 42,000 stores in 30,000 communities. The company says it aims to serve the 87% of U.S. consumers who research online and buy offline.

"Research online, buy offline is projected to represent 40% of total retail sales by 2011-forecasted at $1 trillion-versus e-commerce, which is only 5 percent. Milo.com is in a prime position to lead this cross-channel shopping trend," says Jon Callaghan, co-founder of True Ventures who has joined Milo.com’s board. "Jack and his team have mastered what much bigger companies haven`t been able to, and I`m excited to be a part of what I foresee will be explosive growth."

Abraham and co-founder John Evans, who is chief technology officer, previously worked at comScore. Ted Dziuba, the third co-founder and lead engineer, previously worked at Google Inc., the company says.

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