eCommerce - Wednesday, October 15, 2008
London's MyThings Raises $5M For Online Product Purchase Tracking
MyThings wants to organize your online purchases and receipts. The London-based firm has raised $5M in Series B funding co-led by Dotcorp Asset Management and GP Bullhound Sidecar. MyThings raised an $8M series A round in 2006.
We feel this is wasted money. Sitting on a panel today we heard a seasoned CEO say that if a startup has not broken out in 18 months it is curtains. After 2 years, the broad base of consumers doesn't know that MyThings exists and the reason why is that it's not clearly valuable. MyThings allows you to keep track of online purchases while providing access to information about product recalls, manuals, and insurance.
MyThings is popular among the Web 2.0 review sites but as an investment this isn't going to work out.
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