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iStorez captures $2.3 million for more penny savings

Online discount dealer iStorez landed $2.3 million in funding to expand its offering online.

iStorez, a company that collects specials and coupons from online stores and bundles them together to help visitors find savings across the Web, announced Monday that it obtained $2.3 million in first-round funding from Norwest Venture Partners

Although it's competing with services like Savings.com and SilkFair, iStorez doesn't focus as much on the social element of savings like the others do. Instead, iStorez offers a series of weekly newsletters from major online retailers and coupons that allow visitors to save a little extra cash before they make a purchase.

iStorez is owned by the Kriyari network, which "powers Web 2.0-style online malls for media, lifestyle, content, and social-network publisher sites." In essence, Kriyari, with the help of iStorez, aims at creating interactive "malls" filled with online stores and brands. As each visitor clicks on a product, it dynamically adapts to create a "mall" that's tailored to the user's interests.

iStorez, which has been in operation since January, will take that vision and the new funding to offer a more robust offering, the company claims.