Group buying site FamilyFinds launches with $5.75 million investment
Groupon ushered in the new era of group buying, and now hyper local and vertical deal sites are the name of the game. One such company, Santa Monica, Calif-based FamilyFinds, launched this week with $5.75 in funding from Split Rock Partners.
The brainchild of LowerMyBills.com Founder Matt Coffin and FamilyFun Magazine Founder Jake Weinbaum, FamilyFinds provides valuable family deals and discounts from local merchants.
As an added bonus, the site uncovers and recommends fun neighborhood activities, all in one convenient place. FamilyFinds is initially serving greater Los Angeles, with a national rollout planned in 2011.
“Families, local and national brands, and member-based deals are a great combination for a big vertically-focused business, and one that we believe is untapped,” said Matt Coffin, chief executive officer, FamilyFinds.com. “As parents and consumers ourselves, we know the key to unlocking this market is relevance, which means being local, curating deals and fun discoveries that create family memories, and delivering great value-based pricing.”
Targeting the family vertical – and moms in particular – could prove to be a winning approach, particularly during the holidays. Women account for 85 percent of all consumer purchases, or $5 trillion annually. That’s more than HALF of the U.S. GDP.
Additionally, a report from Unicast on What Women Want From the Web revealed 64 percent of women plan to shop for sales/compare prices and 60 percent go online to look for family entertainment options.
Click below to watch our recent interview with FamilyFinds during BlogWorld.
Source: PRNewswire
