BagThat, a new online store that aims to leverage social networks to benefit consumers and suppliers alike through the power and economics of collective buying, this morning announced funding of £2 million (roughly $3.2 million) from a private EIS fund.
BagThat debuts today on a limited basis and will officially launch in January 2012. Already, the fledgling company has signed up Halfords, Thomas Cook, Neilsons and Champneys; the first of apparently many high street brands to join the venture.
BagThat is not your typical online retailer though, as the ecommerce company will offer a range of branded products for sale, but will ask consumers what they are willing to pay rather than setting a firm price.
Read more at TechCrunch Europe.