Shop.com gains $25 million amid rebranding effort
Online retailer gets its first round of venture funding. It plans to launch a redesigned site next month.
Elinor Mills Former Staff Writer
Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service and the Associated Press.
Shop.com on Monday announced its first-ever venture funding. The online mall, which is in the midst of a rebranding effort, will receive a $25 million round of financing, led by Oak Investment Partners. "Shop.com represents the next step in the evolution of retailing on the Web," Fred Harman, General Partner at Oak Investment Partners, said in a statement.
Monterey, Calif.-based Shop.com plans to launch a redesigned Web site next month. Oak Investment Partners is a growth-oriented private-equity firm with $4.2 billion in committed capital.