PETERBOROUGH, N.H., Sept. 24, 2012 /PRNewswire/ -- FreePriceAlerts, the automatic price engine that's saved online shoppers more than $50 million, today announced that it has closed a series B funding round of $2.5 million. The round was led by Nick Grewal and joined by 10X Venture Partners. The company has raised over $4 million to-date. Nick Grewal joins the company's Board.
"In today's economy, any service that quickly and unobtrusively helps shoppers save money is a winner," said Grewal. "We're excited about the growth opportunity for FreePriceAlerts and the impact this service will have on the continuous growth of the online shopping sector."
The FreePriceAlerts service automatically alerts web surfers to potential savings while they are shopping the sites they normally visit. Once the price engine is added to a browser (just like Google), it searches for the best price every time the user shops online retail sites. Tens of thousands of leading retailers work with FreePriceAlerts, including Amazon, Macy's, Home Depot, BestBuy, Sears, and Walmart.
The company will use this latest round of investment to expand its engineering staff and extend marketing programs to continue to attract new users. Currently, over 1 million FreePriceAlerts are generated each month by online shoppers who have the FreePriceAlerts engine installed, generating more than $250,000 in savings each day. The average consumer saves $26 per order.
"FreePriceAlerts is effective because it doesn't require any changes in user behavior – it just works while consumers shop their favorite web sites," said Robert Wilkins, founder and CEO of FreePriceAlerts. "With this investment, we're able to increase our engineering firepower and our reach into consumer markets. Today, a FreePriceAlerts notification is informing shoppers of a better deal every four seconds. Our goal is to be working every second of every day to save consumers money."
FreePriceAlerts (www.freepricealerts.com) is a service and brand of myVBO (Virtual Business Operations) which launched in 2008 in Peterborough, New Hampshire. FreePriceAlerts downloads in seconds and offers both a browser version and a mobile app. As consumers shop their favorite sites, FreePriceAlerts searches tens of thousands of the most popular retail sites for the best price on the product.