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November 27, 2007
eCommerce Pioneers See Potential in Shopping Site iliketotallyloveit
Malte Goesche, the co-founder and CEO, of a new kind of social shopping platform - think Digg combined with an amateur version of BoingBoing/Engadget, wrote in to point out we had neglected to cover iliketotallyloveit.com's early stage investment round.
Indeed we did miss the German deal and have to say it's due to lack of resources, rather than lack of interest on our part.
Because if we had seen the release and who the business angel investors were, two German eCommerce pioneers and a veteran venture capital professional, it would have snagged our attention.
Goesche said it was an introduction by a mutual colleague that introduced the startup to Intershop co-founder Stephan Schambach, who now heads up Demandware (see our where are they now piece for more info).
Schambach in turn brought in colleagues from Argiv GmbH, an investment vehicle that belongs to Karsten Schneider, who not only co-founded Intershop but also subsequently created photo publishing site Pixaco (which was acquired by HP), and Stefan Friese, a former venture capital professional who worked at Technologieholding/3i in Germany. They have invested an undisclosed amount in the venture.
Goesche says the beta has attracted a 4-digit number of product reviewers and raters to the site. He also confirmed that the links to online shops where the goods are available are not paid for links and there are no lead generation or performance-based payments going to his venture, nor the reviewers.
There have been plenty of positive reviews of the site by top blogs, like Mashable, and news sites, like Wired. And indeed we can see how users might be attracted to surfing the site to view new gadgets and find things they didn't know they wanted, but what we are wondering is will people continue to contribute to Web sites where all you get is kudos and no cash or cash equivalent for your efforts.
It's the same thing that goes on with sites like Digg, Reddit, Delicious, or Mister Wong, pointed out Goesche.
The revenue model is yet to be revealed.
View - iliketotallyloveit
Posted on November 27, 2007 07:16 AM | Posted to News And Updates | Permalink
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