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

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