The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Timebeat4teens.com opened for business today. The e-retailing mall features products from a number of manufacturers and other e-retailing sites. In spite of its name, it targets 10- to 35-years-olds.
Attention has been focused for the past few months on pure-play online retail sites that have closed. Timebeat.com Enterprises Inc. today opened a new pure-play site-- Timebeat4teens.com. The site, which the company calls “an e-commerce Super Mall” features products from a number of manufacturers and online retail sites, as well as entertainment.
It is promoting the opening with an offer of a free 27-exposure Max HQ disposable Kodak camera and a coupon redeemable for a beach bag containing Coppertone products with all purchases over $10. Timebeat4teens also has placed coupons in the Yellow Books distributed in eastern Florida and New York City, New Jersey and Chicago. The 20 million people reached by these Yellow Books will be given coupons offering $10 off purchases of $30 or more or $20 off purchases of $50 or more.
“We are targeting the Generation X consumers consisting of 45 million individuals between 21 and 35 with $125 billion in purchasing power and Generation Y consumers consisting of 60 million individuals between 10 and 24 with more than $250 billion of annual disposable income,” said Thomas Crom, Chairman of Timebeat. “These two groups are highly Internet literate and are growing significantly faster than the overall US population. Completing sales with even a minute portion of this target market will generate tremendous revenue for Timebeat4teens."