Jellyfish.com gets $5 million in funding
Jellyfish.com, a new pay-per-sale comparison shopping engine, has secured $5 million in funding led by private equity funds Kegonsa Capital Partners and Clyde Street Investments LLC. Jellyfish launched the beta version of its shopping service in June, after receiving an initial seed round of investment from founders and Kegonsa.
Jellyfish plans to use the funding to finance continued growth and consumer adoption. In addition to paying merchants on a per sale basis, rather than per click-through, Jellyfish shares at least half of the commission it receives from the merchant with the shopper. Merchants bid for positions on Jellyfish’s engine, and they are ranked based on how much commission they are willing to pay.
“In addition to the disruptive nature of their business model, it is the track record of the Jellyfish founders and management team that continues to attract us to the company,” says Ken Johnson, managing director at Kegonsa.
Jellyfish CEO and co-founder Brian Wiegand, a former investment banking senior consultant, has started up a number of Internet companies, including BizFilings and NameProtect.
Jellyfish President and co-founder Mark McGuire, a lawyer, co-founded NameProtect with Weigand.
In conjunction with the funding, Ralph Dillon, managing member of Clyde Street Investments, will join the Jellyfish board of directors. Dillon previously served as CEO, president and chairman of Cost Plus Imports Inc.
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