Social shopping site Bevy seeking buyer, staff works for stock only |
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Social shopping site Bevy seeking buyer, staff works for stock only
Bevy Inc., an online shopping service that allowed fashionistas to build virtual closets of their favorite outfits and then share fashion tips with friends, is on the ropes and is seeking a buyer. The company, which announced a $1.2 million round from Madrona Venture Group and Trilogy Partnership last May, has reduced its burn rate after being unable to secure additional financing, said company founder Kevin Foreman.
No one has been laid off at this point, but the four staffers are now working at reduced levels only for stock. "I'm now turning my focus to selling the company rather than raising the next round," said Foreman, a former RealNetworks executive who founded Bevy after working as an entrepreneur-in-residence at Madrona.
The startup had a high-profile set of board members and advisers, including Madrona's Tom Alberg, Trilogy's Theresa Gillespie and former Classmates.com CEO Michael Schutzler.
But the company's Facebook application just didn't get much traction, with fewer than 2,000 active monthly users. Reviews of the service -- which was targeted at women shoppers between the ages of 13 and 45 -- were overwhelmingly positive. Wrote one Facebook user:
"I'm a terrible shopper and fashion challenged at times. Having a website like Bevy has really helped me. I can see what's out there in the fashion world without having to wander around a department store feeling overwhelmed. Plus having others that can suggest certain styles for me is great. I love it!!"
But with a handful of users and tightening economy in which people are cutting back on luxury purchases, Bevy's prospects became much tougher.
One could imagine Bevy's application being integrated with other services as a social shopping feature, perhaps Amazon.com, Nordstrom.com or Avelle. (The former Bag Borrow or Steal that allows people to rent luxury handbags, watches and sunglasses)
Founded in 2007 under the code name Apollo, Bevy planned to make money by passing its users on to the Web sites of retailers and collecting a referral fee.
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