Online shopping portal Shop.com has received $25 million in its first ever venture funding, the company reports. The round of financing was led by Oak Investment Partners. Shop.com says it will use the financing to support aggressive marketing and customer service initiatives aimed at further accelerating the 1,000%+ growth in traffic it experienced in 2004.
"Shop.com represents the next step in the evolution of retailing on the web," said Fred Harman, general partner at Oak Investment Partners. "This organization lives to create the ideal online shopping experience. As a result, Shop.com has carved out a defensible position by combining innovative technology with a unique business model. The extraordinary online marketplace they've built provides a superior shopping experience to online consumers while providing a more efficient return on investment to online merchants."
In addition, Shop.com reported that Overstock.com has joined its online marketplace. "Shop.com, like Overstock.com, is committed to providing shoppers with convenience, selection, and a secure shopping experience," said Jacob Hawkins, vice president of online marketing at Overstock.com. "Offering our products through Shop.com was simple and quick, especially considering the volume of products we have. We look forward to a long-term business relationship."
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