Market comparison tool Price.com announced today that it closed a $2 million investment to launch a “one-stop shop for finding savings and discovering the best deals online, on a mobile device, or in-store.”
Price.com works in the background of ecommerce sites to show consumers the most affordable options. The San Francisco-based startup is planning to roll out its service early this upcoming year, including an app and browser extension.
After he bought an expensive piece of furniture only to see the same product for less at a different retailer, Price.com’s founder and CEO Rahul “RJ” Jain saw an opportunity. He created Price.com, which is currently in private beta, as a tool in which users can browse for deals and savings.
“At the moment, consumers are trying to keep track of constantly changing promotional offers, calculate all the nuances that go into finding the net price, and weigh the benefits of buying new versus used products,” explained Jain. “Price.com tackles these problems and more by seamlessly providing shoppers with all of the information they need to make the most cost-effective and confident purchase.”
Price.com’s seed funding round was backed by Social Capital, TransMedia Capital, and Visionnaire Ventures. Innovation Global Capital, 500 Startups, angel investors Jeffrey Perlman and Larry O’Connor also participated in the investment.
Updated as of 11:03 p.m. Pacific on Tuesday: Amended to state that 500 Startups, not Dave McClure participated in the round.