Price.com Closes $10 Million Series Seed Funding Round
Deal Placed with Leading Digital Industry Executives, VCs and Celebrities; Strategic Investment Enables Company to Scale Network Expansion and Product Development to Support Exponential User Growth
SAN FRANCISCO, March 31, 2021 /PRNewswire/ — Price.com, the all-in-one money savings e-commerce platform, today announced a $10 million series seed funding round led by Ricky Caplin, Chairman of Caplin Family Offices, with participation from: Founders Fund; Social Capital; former Twitter CEO Dick Costolo; Airbnb CTO Vanja Josifovski; former Salesforce Chief Scientist Richard Socher; Pinterest Chief Scientist and Stanford University professor Jure Leskovec, Shoptalk and Money 20/20 founder Jonathan Weiner; former Venmo COO Michael Vaughan; founder of macsales.com Larry O’Connor, angel investor Lacey Edwards and celebrities such as NBA All-Star Baron Davis and influencer Tik Tok stars Josh Richards, Noah Beck, Griffin Johnson, and Bryce Hall.
Demand for Price.com’s AI-powered savings platform has seen dramatic growth this past year with consumers seeking new ways to save money as e-commerce continues to soar to a projected $5 trillion US market by the end of this year. Price.com is a consumer facing cross-platform tool utilizing proprietary matching technology that sources otherwise inaccessible products to take online shopping to the next level.
Price.com users can see real-time options for new, white label, used, local, refurbished, and rental items along with coupons, cash back, price history, and price alerts. The app gives consumers real-time access to a fast-expanding network of over one billion products and thousands of merchants. Notable recent additions to the Price.com platform include Etsy, Goodwill, Petco, Under Armour, Sephora, and Chewy.
The capital infusion enables Price.com to increase investment in user acquisition, further scale operations, enhance its patented product matching technology and add new functionality, features, and merchants to its B2C core offering.
“Our mission is to empower people with full transparency into all of their shopping options so that they can make convenient, personalized, responsible purchases,” says RJ Jain, founder and CEO, Price.com. “We show online shoppers their ever-growing and uniquely relevant range of options to save them time and money.
“The ability to make eco-friendly purchases such as used, local or rental shouldn’t be difficult, yet online shoppers universally encounter problems finding what they’re looking for,” Mr. Jain added. “We are transforming outdated dynamics to create a one-stop solution for savings. We’re thrilled to have the support of so many knowledgeable and expert investors that share in our vision.”
“Price.com is a game changer in e-commerce. The concept is simple and elegant, but what I’ve found most impressive are the deep AI and machine learning capabilities backed by a phenomenal leadership team,” says Ricky Caplin, Chairman of Caplin Family Offices. “I’m confident Price.com will quickly become a household name and help many people save their hard-earned money.”
E-commerce has traditionally been a disjointed patchwork of companies that offer standalone features, including those focused only on coupons, or cashback, or comparison shopping, or pricing trends or alerts. Price.com aims to be the “one-stop shop,” combining all of these value-added elements, using superior AI tech, to provide the unrivalled best shopping experience with the easiest way to save the most money.
Beyond its website and apps, Price.com offers extensions on all major browsers and a chatbot integration for seamless communication – features that are proven popular with Gen Y & Z shoppers.
About Caplin Family Offices
Caplin Family Offices was founded in 2019 by Ricky Caplin. It invests in early-stage technology companies with potential returns of 100x. The technology-focused investment team is comprised of experienced technologists, entrepreneurs, and former CEOs. Ricky Caplin is globally recognized as a leading entrepreneur who has launched and led multiple organizations including The HCI Group, one of the largest global healthcare IT consulting firms. Following a March 2017 merger between The HCI Group and Tech Mahindra, Caplin became one of the top global executives at Tech Mahindra, a global technology company with about 117,000 employees.
Price.com, the all-in-one money savings platform, provides a free cross-platform experience for consumers that combines advanced comparison shopping, cashback, coupons, price history and price alerts. The Company’s patented, AI-powered matching algorithm enables real-time discovery of new, white label, used, local, refurbished, and rental products – taking comparison shopping to new heights. Price.com is available as a desktop and mobile website, browser extension, native app and chatbot.
The Company’s core team consists of industry-leading data scientists and data engineers. Price.com founder RJ Jain sold his previous company to Google where today it powers Google Test Labs. Previously, he held senior engineering roles at Sidecar (acquired by GM) and Zynga, and served as an in-house Entrepreneur in Residence at Foundation Capital.
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