A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
The founder of Shoebuy.com launches Data Point Capital.
Former e-commerce executive Scott Savitz, the founder of Shoebuy.com Inc., No. 90 in the 2012 Internet Retailer Top 500, has a new career as a venture capitalist.
Savitz, who founded Shoebuy in 2000 and in 2006 sold the online shoe store to InterActiveCorp., or IAC, has launched Data Point Capital, a new venture capital company with initial funding of $50 million. The company will be located in Boston and will look to invest in promising e-commerce niches, including mobile commerce and gaming, social networking, online payment systems, and comparison shopping.
Unlike some venture capital companies that only invest in promising start-ups or established mid-sized companies, Data Point Capital says it will look for investment opportunity across a variety of e-commerce companies. “The Data Point Capital fund is ‘stage agnostic,’ allowing for seed, and early to late stage funding, as well as controlling interest deals,” Savitz says.
Along with Savitz, Data Point Capital also will launch an advisory group that includes Lars Albright, co-founder and CEO of SessionM, a venture-funded mobile engagement and advertising platform; Diane Hessan, founder, president and CEO of Communispace, a social networking company; and Steve Papa, founder and CEO of Endeca Technologies Inc., a site search technology development company that was acquired by Oracle Corp. in 2011.
While founder and CEO of Shoebuy, Savitz increased Shoebuy’s revenue, on average, about 50% per year, Data Point Capital says. Shoebuy sells about 1 million products from 1,500 brands. Savitz resigned as CEO of Shoebuy in June 2011.