Amazon’s big $175 million deal with LivingSocial shows it’s local, local, local for venture investments these days.
As Local Tech Wire also noted last week in reporting former Business.com CEO’s Jake Winebaum landing $5.75 million for FamilyFinds.com, the VCs are flocking to local shopping sites.
Google wanted Groupon in a big way, but apparently that deal is off. However, there is still plenty of local e-commerce news.
The Wall Street Journal noted the hot trend Monday in a report by Geoffrey Fowler.
Noting Amazon’s investment and eBay’s buy of Milo.com plus the Groupon talk, Winebaum wrote:
“Behind the activity is a wider renaissance in e-commerce, which for years had developed little beyond the auction system pioneered by eBay and the one-click-in-your-pajamas shopping experience perfected by Amazon. But Groupon, in particular, showed that there are a host of local businesses that are ready to use online commerce to get people out of their pajamas, and into physical stores and businesses.”
He pointed out that there are “well over 150 local deal sites” in just the U.S.
Read the full report here.
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