Snapett acquired by PriceGrabber
The founders of Snapette, the location-based fashion shopping app founded in 2011, announced it has been acquired by PriceGrabber, the price comparison site based in Los Angeles.
Sarah Paiji, the app’s co-founder, says the nine-person company will continue to operate out of its New York office. Though the terms of the acquisition were not revealed, the deal likely represents a decent payday for the company’s founders and investors, which include Accel Partners, 500 Startups, Forerunner Ventures, and Brian Lee of Shoedazzle. The company had been largely bootstrapped, aside from a $1.5 million in a seed round in October 2011.
For the uninitiated, Snapette is like a local, virtual mall–it lets users browse and discover products in nearby brick-and-mortar shops. It’s been described as “Foodspotting for fashion,” and that’s a fairly good analogy. Users open up the app and can toggle through a seemingly endless catalogue of shoes, shirts, dresses, bags, and jewelry. (Ninety percent of Snapette’s users are female.)
The app also allows users to search for specific products or items, and then shows them exactly where to find said items. In that sense, it’s similar to Milo.com, the local shopping site purchased by eBay in 2010.
The app has cultivated a loyal following–Paiji says it now has 1.5 million users, and has partnered with over 200 brands to supply images and content.