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NearbyNow Plans Expansion to More Than 100 Cities by the 2007 Holiday Shopping Season
Local Search Service Closes Round of Funding and Adds to Board of Directors
| Source: NearbyNow
LOS ALTOS, CA -- (MARKET WIRE) -- April 23, 2007 -- NearbyNow, Inc. today announced the company's
popular shopping mall search service to shopping centers will expand to 103
additional cities by November 2007. This latest development immediately
follows the successful rollout of more than 20 malls in the first quarter
of this year, underscored by the launch of the mobile search solution this
past holiday season.
"NearbyNow provides us an opportunity to specifically target shoppers --
searching online for the items we carry -- with intent to buy in the mall,"
said Cris Takken, President of Takken's Shoes, a growing West coast
footwear retailer. "This technology enables us to better understand our
consumers, and tailor our marketing so that it's timely, targeted and
appealing. The insight we gain from using NearbyNow is invaluable."
NearbyNow's service allows consumers to find any product, brand or sale
currently available at their local shopping mall from home (using the
Internet) or while shopping (using mobile phones). This service also
provides a valuable advertising venue for retailers and brands to reach
"high intent to buy" shoppers immediately before a purchase. As the
Internet and mobile devices become more prolific in daily life, consumers
are harnessing the power of instantly accessible information to research
purchases before buying in-store. According to Forrester Research, the
Internet will influence over $1 trillion in in-store consumer spending
annually by 2011, growing faster than all online sales.
"The Internet and mobile phones are important to our target shoppers --
hip, young adults," said Bill White, President of C28, a growing apparel
and products company that focuses on the Christian lifestyle. "NearbyNow
gives us the opportunity to extend our brand online to local shoppers
searching the shopping mall sites, and introduce them to our stores' unique
products."
NearbyNow has partnered with renowned shopping mall operators -- The
Westfield Group and General Growth Properties. They will launch the
service at some of the most prestigious shopping centers in North America
including: Arcadia, CA, Canoga Park, CA, Fairfield, CA, Los Angeles, CA,
Sacramento, CA, San Diego, CA, San Francisco, CA, Littleton, CO,
Manchester, CT, Newark, DE, Tampa, FL, Sarasota, FL, Atlanta, GA, Savannah,
GA, Aurora, IL, Chicago, IL, Des Moines, IO, Columbia, MD, Portage, MI,
Minnetonka, MN, St. Louis, MO, Natick, MS, Durham, NC, Lincoln, NE,
Paramus, NJ, Staten Island, NY, Albuquerque, NM, Las Vegas, NV, Cincinnati,
OH, Toledo, OH, Oklahoma City, OK, Salem, OR, Lancaster, PN, Providence,
RI, Houston, TX, Seattle, WA, Vancouver, WA, Appleton, WI, and more. A
complete list can be found on NearbyNow's Web site at
http://www.nearbynow.com.
New Funding and Board Expansion
NearbyNow also announces it has closed $5 million in additional venture
financing from its existing investors, Draper, Fisher, Jurvetson and Draper
Richards. The funds will be utilized to further expand market penetration,
application support efforts, and future product development. The company
aims to capture significant market share in the rapidly expanding category
of proximity search.
"There is significant market opportunity in proximity search as the market
evolves," said Scott Dunlap, CEO of NearbyNow, "our investors and
management share a common vision for the future of local search and mobile.
The funding will enable NearbyNow to further develop its current platforms
and create new services to expand the local search market. Draper, Fisher,
Jurvetson and Draper Richards will continue to be valuable advisers to
NearbyNow as the company continues to grow."
In conjunction with the financing, NearbyNow has added Howard Hartenbaum to
its Board of Directors. Hartenbaum is a General Partner at Draper,
Richards, and is on the 2006 Forbes Midas List of top venture capitalists.
His addition increases the Board to three members.
About NearbyNow, Inc.
NearbyNow, Inc. provides a unique online service that allows consumers to
search all products, brands, and sales currently available at local
shopping centers using the Internet or mobile phones. Working with shopping
centers and retailers across the United States, NearbyNow enables consumers
to easily access local information both before and during their shopping
trips. The company also creates an efficient marketing tool for retailers
to target nearby consumers, helping to drive sales by turning online
shoppers into in-store buyers. NearbyNow is headquartered in Los Altos, CA.
Additional information can be obtained by phone at (650) 947-1300 or via
the Web at www.nearbynow.com.
Sales and Partnership Inquiries
Shopping Center Management and Retailers interested in additional
information, please contact via email NearbyNow sales and business
development team at bizdev@nearbynow.com.