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Select2Gether is one of 70 companies chosen by VentureBeat to launch at the DEMO Fall 2010 event taking place this week. These companies do pay a fee to present, but our coverage of them remains objective.

Select2Gether, a company that connects groups of users to shop together online, is launching a new social shopping tool, WeLiket.

WeLiket is a virtual fitting room to which users can invite their friends. Once there, they can then save images and information about items, such as brand, description and price.

The company allows its more than 4 million users to upload images from anywhere on the Web as well as via mobile devices into its Live Showrooms. These images are added to a database of close to 4 million products. From there, users can rate and share their opinions of the products. Now, with the WeLiket tool, a user can easily ask their friends to receive opinions in real-time — perfect for a woman second-guessing whether she should buy, say, an expensive designer bag.

Select2Gether also hopes to make money with the group-buying model popularized by sites like Groupon. If a specific product gains enough interest from the company’s group of users, then it works with retailers and partner companies to arrange discounts.

Several social shopping sites exist, though it appears they don’t have the complete feature set of Select2Gather. These sites include MyItThings, which creates a virtual closet for shoppers to highlight products and provide reviews, as well as, a site that lets users add products and create reviews. Polyvore, a well-funded startup recently written up in the New Yorker, lets users piece together visual collages of fashion products they’d like to buy.

The San Francisco-based company, founded in 2008, has raised close to $2 million in two rounds of funding. The company is preparing to raise a larger round of financing from institutional investors. Founder Jeany Stein said the company is considering whether to accept an offer to invest from a New York-based firm with strong ties to the global fashion community.

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