Michael Rubin’s ShopRunner adds Spring in $40M spree to take on Amazon

Michael Rubin’s ShopRunner adds Spring in $40M spree to take on Amazon
Joseph N. DiStefano / Staff
Backed by $40 million in fresh Silicon Valley cash, billionaire online retailer and 76ers co-owner Michael Rubin’s ShopRunner business has closed a smart-phone-shopping-site deal, and plans more acquisitions and hirings to raise its profile as a competitor to Amazon.com and other big digital retailers.
 
Last Monday, ShopRunner said it raised $30 million from August Capital, a Menlo Park, Calif., firm that has invested in dozens of software and retail companies (including Zulily, which August sold to West Chester-based QVC operator Qurate), plus $10 million from other investors to acquire smaller firms and staff up for its Amazon battle. ShopRunner has “plenty of room to grow,” August general partner David Hornik said in a statement.
Last Thursday, ShopRunner said it used some of the new money to purchase the online-shopping assets of Spring, which runs the ShopSpring.com retail site.
Read more at…

Michael Rubin’s ShopRunner adds Spring in $40M spree to take on Amazon

Do you like our articles? What do you want to see or read about the wealthy?

This site uses Akismet to reduce spam. Learn how your comment data is processed.