FreePriceAlerts Closes $2.5 Million Series B Funding Round

FreePriceAlerts, the automatic price engine that claims it has saved online shoppers more than $50 million, announced that it has closed a series B funding round of $2.5 million.  The round was led by Nick Grewal and joined by 10X Venture Partners. The company has raised a total of more than $4 million to date. Grewal also joined the company's board.

"In today's economy, any service that quickly and unobtrusively helps shoppers save money is a winner," said Grewal. "We're excited about the growth opportunity for FreePriceAlerts and the impact this service will have on the continuous growth of the online shopping sector."

The FreePriceAlerts service automatically alerts web users to potential savings while they are shopping the sites they normally visit. Once the price engine is added to your browser (just like Google), it searches for the best price every time the user shops online retail sites. The company sats thousands of retailers already work with FreePriceAlerts, including Amazon, Macy's, Home Depot, BestBuy, Sears and Walmart. 

The Peterborough-based company will use this latest round of investment to expand its engineering staff and extend marketing programs to continue to attract new users.  Currently, more than 1 million FreePriceAlerts are generated each month by shoppers who have downloaded FreePriceAlerts. Those alerts generate more than $250,000 in savings each day, according to the company, which adds the average consumer saves $26 per order.

"FreePriceAlerts is effective because it doesn't require any changes in user behavior - it just works while consumers shop their favorite websites," said Robert Wilkins, founder and CEO of FreePriceAlerts. "With this investment, we're able to increase our engineering firepower and our reach into consumer markets. Today, a FreePriceAlerts notification is informing shoppers of a better deal every four seconds. Our goal is to be working every second of every day to save consumers money."