BuyWithMe
BuyWithMe logo
Type of site
Electronic Commerce
Available inEnglish
OwnerGilt Groupe
URLwww.buywithme.com
CommercialYes
RegistrationNone
LaunchedMay, 2009
Current statusDefunct

BuyWithMe was a social e-commerce company that was known as the first competitor to group buying website Groupon. Launched in Boston and then later based in New York City, BuyWithMe allowed consumers to leverage group buying power to get discounts with local merchants online.

BuyWithMe launched in May 2009 and was acquired by Gilt Groupe in November 2011,[1] It was absorbed into Gilt Groupe's Gilt City daily deals division.[2]

History

In a similar manner to Groupon (except that their deals always lasted a week), BuyWithMe introduced at least one new deal every day. The deal was emailed to all local BuyWithMe subscribers, made available on the company's website, and distributed through a network of group buying media partnerships (including Boston.com, owned by The New York Times). The deal only completed if a minimum number of consumers signed up, therefore assuring the merchant a minimum return.[3]

Initially founded by a group of local Boston-area friends, including Andrew Moss[4] and Seth Rosen.[5] In 2009 BuyWithMe raised $5.5M;[6] and then 2010, BuyWithMe was funded with $36.5M by venture capital firms Matrix Partners, Bain Capital Ventures, and Pinnacle Ventures. BuyWithMe's first market was Boston, with San Diego and Washington, DC following.[7] By October 2009, BuyWithMe served nine markets and its major competitor was Groupon.[8] BuyWithMe had partners such as Foursquare.[9] In January, the company appointed Jim Crowley as CEO.[10] In June 2011, the company was pursuing a significant push into loyalty with an acquisition of a card-linked offer company.[11] The sale to Gilt Groupe came as Crowley struggled to raise venture capital.[12]

The BuyWithMe founding team went on to other businesses, including Booster by Customink.[13]

References

  1. ↑ Galen Moore, Boston Business Journal November 2, 2011 Gilt Groupe acquires BuyWithMe for undisclosed terms
  2. ↑ "Gilt City, A Subsidiary Of Gilt Groupe, Acquires Assets Of BuyWithMe.com". www.gilt.com. Archived from the original on 27 June 2015. Retrieved 26 June 2015.
  3. ↑ Sam Oches, QSR Magazine August 6, 2009, Coupon Companies Ditch Standard Format with Internet's Help
  4. ↑ "Google can have Groupon, Wellesley's got BuyWithMe". 8 December 2010.
  5. ↑ "Productivity Solutions | Versatile, Secure | Formstack".
  6. ↑ "BuyWithMe.com plans growth on Matrix $5.5M funding - Boston Business Journal". Archived from the original on 2014-12-26.
  7. ↑ Buy with Me FOX 5 DC "Money Monday", July 6, 2009]
  8. ↑ Jenn Abelson, The Boston Globe June 14, 2009, Shoppers of the world, unite
  9. ↑ New partnership
  10. ↑ BuyWithMe CEO Jim Crowley
  11. ↑ "BuyWithMe acquires loyalty program service Edhance". VentureBeat. 2011-07-18. Retrieved 2023-04-19.
  12. ↑ "Deal Gone Bad? BuyWithMe Struggles as Investors Sour on Groupon Clones". AllThingsD. Retrieved 2023-04-19.
  13. ↑ "Andrew Moss moves beyond BuyWithMe, with lessons learned, at crowdfunding startup Booster".
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