Massdrop Raises $6.5M To Turn Group Buying Into A Broader Community Platform

SHANTELHEART'S BLOG NEWS

TechCrunch

Massdrop, a startup offering what it calls “community-driven commerce,” is announcing that it has raised $6.5 million in Series A funding.

The round was led by Mayfield Fund, with additional investment from previous backers Kleiner Perkins Caufield & Byers, First Round Capital, and Cowboy Ventures. Massdrop has now raised a total of $8 million.

The Massdrop model works by allowing groups of “enthusiasts” to gather on the site and discuss the products that they’re interested in buying. The company then negotiates directly with the manufacturers to create special group discounts.

Founder and CEO Steve El-Hage acknowledged that “super-smart people had tried to get the ball rolling in the past” on group buying — one of them was Mercata, which shut down back in 2001. (More recently, I’ve written about a group-buying startup called Higgle.)

However, he said that unlike previous group-buying sites, Massdrop isn’t focused on “enthusiast…

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