Lockerz.com Raises Cash From Kleiner Perkins for Social Commerce Site
Seattle-based startup Lockerz is a new kind of social networking service—an invitation-only social commerce site where the ultimate goal is for members to earn rewards for their online interaction. Through the site, members collect points redeemable for discounts on brand name products by connecting with friends, watching videos, shopping online, and otherwise engaging in the Lockerz community.
The company, which targets men and women ages 13 to 30, was founded in March 2009 by Kathy Savitt, the former CEO of American Eagle Outfitters and senior executive at Amazon. Since July 2009, the company’s membership has grown from 50 college and high school students, to more than 15.5 million users spread across 195 countries. The company was originally backed by big-time online media conglomerate and Liberty Media and its CEO. Lockerz said today that it recently completed a Series B financing round led by Silicon Valley venture firm Kleiner Perkins Caufield & Byers. The investment amount was not disclosed.
Today the network announced the launch of its online shop, where U.S. customers will be able to trade in their Lockerz points (“PTZ”) for discounts off products from the site’s 10-12 weekly “brand boutiques.” Among the 150 brands represented in the shop currently are Microsoft, Nintendo, Ben Sherman, Razor, Sony, and Rock & Republic.
This move is the most recent of many Lockerz has made in an attempt to become the largest socially bolstered marketplace for what the company calls the “Generation Z” of online shoppers. In March, the site launched the beta version of Lockerz Play, the entertainment arm of the network, where users can browse videos and collect points for watching them all the way through. To date, that site has brought in over 180 million page views. The site plans to roll out its social network, Connect, in fall 2010. Lockerz says this feature will allow its members to “friend and communicate with one another and ultimately, monetize their good taste and curation of music, video, games and even product brands on the site.”
“Our hope is to be the first and last place our members visit every day,” Savitt said in a press release today.
An e-mail to the company requesting comment regarding the recent funding has not yet been answered, and there are no current SEC filings listed for Lockerz. Liberty Media chief executive officer Greg Maffei, and Kleiner Perkins partners John Doerr and Bing Gordon all sit on the Lockerz board.