Start-up FrugalMechanic.com, an online product search engine for auto parts, received seed funding for an undisclosed amount from Seattle venture capital firm Founder’s Co-Op. The fund typically invests between $250,000 to $500,00 in start-ups.
FrugalMechanic, like a Froogle for auto parts, has gained a niche following of mechanics and consumers as a nifty price comparison tool in the auto market. Founded in July of 2008, the site doubled traffic from December 2008 to January 2009 and boasts over 5 million auto parts from 50 retailers. In an economy where everyone is looking for a deal, FrugalMechanic’s growth isn’t surprising. And when cash and credit are tight, consumers may be looking to repair cars with new auto parts instead of buying new cars.
FrugalMechanic plans to use the funding add new consumer-friendly features to the site as well and to offer a greater selection of parts by adding new categories. In an efforts to cross-brand the site, FrugalMechanic recently partnered with CarDomain.com to allow automotive enthusiasts an e-commerce solution to searching for parts on their own sites.
Here’s a screen shot:
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