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Ugenie Raises $5 Million in Its First Round of Funding
November 8th, 2006 No comments
BlueRun Ventures and Sierra Ventures Share the Round
Ugenie, a next-generation online shopping engine focusing on true price discovery, announced recently that it has raised its first venture capital funding round from BlueRun Ventures and Sierra Ventures. The $5 million investment will be used for product development and global market expansion.
Ugenie is a powerful shopping service that delivers maximum possible savings to its customers. In a single click, ugenie can find the best price for a bundle of items, including shipping, taxes, coupons and discounts. The engine uses advanced computer science and mathematics, and extensive experience in e-commerce and search to create a superior shopping experience that improves not just the price-comparison aspect but product selection, product discovery, as well as convenience. Ugenie alpha/beta users are already seeing significant savings.
“Ugenie is not just another shopping search engine. Its ability to unlock the hidden savings by taking advantage of price breaks including shipping, taxes, and any coupons available for the product or bundle of products is unique only to them,” said Mark Fernandes, Managing Director, Sierra Ventures.
“The Ugenie team has the know-how and market experience to make a breakthrough in online shopping, and we are proud to support their vision”, said John Gardner, Partner, BlueRun Ventures.
Ugenie founders are all Amazon veterans. Krishna Motukuri, Founder & CEO, co-founded Amazon India. Harish Abbott, Founder & President was a Sr. Program Manager at Amazon. Bharat Vijay, CTO, founded Yahoo India and the Amazon and A9 (search) development centers.
“This investment will help ugenie bring its patented technology to the masses with a single mission to save consumers real dollars.” said Krishna Motukuri, Founder & CEO of ugenie. “In addition, BlueRun Ventures and Sierra Ventures, will bring tremendous business and global experience to help us execute on our strategic business objectives.”
To try ugenie’s beta release, go to www.ugenie.com
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