WPP Backs Ecommerce Startup
Marking WPP’s first major move into ecommerce, the ad agency’s digital unit has led a $10 million investment in price comparison site mySupermarket. For its $7 million investment, WPP Digital is securing a minority stake in the company, which, to date, has raised a total of $32 million from other investors, including Greylock Partners and Pitango Venture Capital.
As Globes, the Israeli news journal, reports: “WPP's investment in mySupermarket is considered quite an achievement for the Israeli company.” mySupermarket CEO Alon Bloch is excited about the support. "WPP works with most of the leading global brands,” he said. “They have a strong understanding of the market and extensive ties." The operating name for Dolphin Software Ltd., mySupermarket operates various sites in different countries, including the UK and Israel.
MySupermarket offers price comparison of products sold by supermarkets. However, “in contrast to other price comparison sites, mySupermarket offers alternatives to consumers to pick the cheaper product within a category or style,” Globes notes. “For example, if a consumer picks the laundry power of a particular brand, mySupermarket will not only offer a lower price for the same product, but will also recommend similar products to the brand at a cheaper price.” Founded in 2006, mySupermarket now has 75 employees, including 40 in Israel, and the rest at its offices in London, New York, and Tokyo.