July 14, 2010 / 2:55 PM / 10 years ago

Group discounter BuyWithMe raises $16 million

SAN FRANCISCO (Private Equity Week) - New York-based BuyWithMe last week raised $16 million in its second round of funding to compete in the crowded group buying sector.

The funding came entirely from Boston-based Matrix Partners, which funded the company’s $5.5 million Series A round at the beginning of the year.

BuyWithMe (http://www.buywithme.com) offers a service through which groups of people can buy products and services in their local areas at a discount so long as a certain number of buyers agree to prepay.

Other companies that have raised venture funding in recent months include Gilt Groupe, HauteLook, Ideeli and KupiVIP.ru, among others that compete for users in the space.

BuyWithMe primarily focuses on buyers in New York and a few other cities, but will use the recent cash infusion to expand to 20 cities by the end of the year. In comparison, Groupon provides deals in 150 cities in 18 countries.

In addition to BuyWithMe, the other VC-backed startups to raise funding last week included the following:

CONSUMER INTERNET

BuyWithMe

New York, NY

http://www.butywithme.com

Amount/Round: $16 million/Series B

Investors: Matrix Partners

Details: Provides solutions for online buying mechanisms, leveraging social media. The company previously raised a $5.5 million Series A round from Matrix.

eRollover

Atlanta, GA

http://www.erollover.com

Amount/Round: NA/Series A

Investors: Imlay Investments

Details: Provides online information to retired people.

HitFix

Los Angeles, CA

http://www.hitfix.com

Amount/Round: $1.6 million/Series B

Investors: Tech Coast Angels

Details: Operates an entertainment online news resource.

Maven Research

San Francisco, CA

http://www.mavenresearch.com

Amount/Round: $1 million/seed stage

Investors: Accel Partners and individual investors, including Ed Zander, Patrick McKenna, William Krepick and Jeremie Bacon

Details: Operates a micro-consulting platform that lets individuals market their expertise.

GAMING

Sneaky Games

Austin, TX

http://www.sneakygames.com

Amount/Round: NA/Series A

Investors: Liahona Ventures

Details: Develops social networking games.

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