TheFind.com has secured $15 million in Series C financing led by Bain Capital Ventures. The financing is planned to build new product development, traffic and revenue growth, and further expand TheFind.com’s business development efforts.
The financing will also be used to grow TheFind.com’s search capabilities beyond the 170 million products and 500,000 stores it currently indexes, and capture a significant market share position in online shopping. The e-commerce industry is projected to reach $161 billion in 2007. According to Forrester Research, 2006 marked the first time online sales of apparel overtook electronics and computers. Key lifestyle goods categories are projected to be a $99 billion online business by 2010 – three times the size of computer hardware and electronics.
“This round of funding further validates TheFind’s approach to online shopping, and we are thrilled to partner with an experienced investor like Bain Capital Ventures. The depth of industry understanding that the firm’s partners bring, combined with their winning track record in the retail and media sectors, are invaluable in the current phase of our company’s growth,” said Siva Kumar, CEO and co-founder of TheFind.com. “We are looking forward to leveraging the new investment and the partnership with Bain Capital Ventures to deliver the most compelling consumer shopping search experience on the Web.”
Debuting in Q4 of 2006, TheFind.com focuses on delivering accurate and comprehensive search results for lifestyle goods in categories such as apparel, home and garden, health and beauty, sports and outdoor, and kids and family. TheFind.com uses patent pending proprietary technology which claims to produce comprehensive and unbiased shopping search results, ranked by market-leading stores, brands and styles, in an efficient and visually-engaging format that fuels product discovery.