May 19, 2008, 12:00 AM

NearbyNow secures nearly $12 million in funding and partners with TheFind

NearbyNow Inc., an online product search and reservation program, has received $11.75 million to expand its services. It also has partnered with TheFind Inc., a shopping search engine, and launched a service for the Apple iPhone.

NearbyNow Inc,. an online service that allows consumers to search for products at their local shopping malls and put them on hold for pick-up, has received an $11.75 million investment to expand its services. It also announced a partnership with TheFind Inc., a shopping search engine, and a mobile service for the Apple iPhone.

The $11.75 million investment is led by Norwest Venture Partners, with existing investor Draper, Fisher, Jurvetson also participating. Joshua Goldman, a venture partner at NearByNow, will join the NearbyNow board of directors. Goldman has more than 20 years of operating experience in the search and shopping industries, NearbyNow says.

As part of their new partnership, NearbyNow and TheFind Inc. will integrate online shopping search with local store inventories. Shoppers using will be able to click a "Check Local Inventory" button next to products from the over 200 retailers supported by NearbyNow. After clicking, the consumer can choose a store location and NearbyNow will check that location’s inventory reserve the product if it is available.

Additionally, NearbyNow has announced it will launch a new mobile service for the Apple iPhone, allowing shoppers to use the phone to locate a nearby shopping center, search local inventory and reserve items for pick up. The new application will be available in July, NearbyNow says.

"NearbyNow offers an innovative and unique approach to shopping that succeeds for consumers and retailers alike," says Goldman. "Rather than viewing online and offline shopping as completely separate experiences, NearbyNow integrates online product selection, local purchasing and mobile messaging into a very unique and powerful service. A consumer service with such powerful search features combined with a proven lead generation and marketing vehicle for innovative retailers has all the makings of an extraordinary business opportunity. We`re excited to help take the company to the next level."

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