Social Commerce Network Lockerz Raises Another $7.5 Million

Social commerce network Lockerz, which just lost its founder and CEO Kathy Savitt to Yahoo, has raised $7.5 million in new funding, according to an SEC filing. A spokesperson for the company confirmed the new funding, and said the round was raised from existing investors. The filing lists both Kleiner Perkins and Liberty Media. Other investors in the company include Live Nation and DAG Ventures. This new infusion brings Lockerz’ total funding to nearly $80 million.

As we’ve reported in the past, Lockerz revolves around the idea that influencers within a social network can become brand and content advocates and affect the behavior of their friends. The network, which says it is seeing 45 million monthly uniques, is primarily targeted towards men and women ages 13 to 30, attempting to build a community of trendsetters and tastemakers who love to shop, play and connect on the Web.

Members earn what the network calls ‘PTZ’ for nearly everything they do on the site, which are used to get discounts on hundreds of products offered in the Lockerz Store. At last count, Lockerz members had used nearly 3 billion PTZ for millions of dollars of savings on brands, including 7 for All Mankind, James Jeans, Xbox 360, Nintendo, SkullCandy, Canon, and Olympus.

The company has acquired a number of companies including Chick Approved, Plixi, Off & Away, and AddToAny.

It’s unclear what the fate of Lockerz would be after its founder left. But Savitt remains as chairman of the Lockerz’ board and the company appointed Lockerz’ former COO Mark Stabingas as CEO following Savitz’ departure.

Crunchbase

• LOCKERZ

Company: Lockerz

Website: lockerz.com

Launch Date: February 2009

Funding: $43.5M

Based in Seattle, Lockerz is the leader in rewarded social expression, striving to revolutionize the way the world discovers and consumes product and content. With a membership community of millions in 195 countries, Lockerz rewards its members with PTZ® (points) for engagement and following, including collecting, sharing, shopping and influencing their friends. Members use PTZ to drive down the prices of fashion, beauty, home decor, electronics and entertainment in the Lockerz Store. Lockerz was founded by former technology and...

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