Vipin Jain founded Retrevo secures $8 Mn
Date: Thursday , May 01, 2008
Vipin Jain founded Retrevo, a matchmaking service between consumers and electronics has secured $ 8 million in a second round of institutional funding. Led by Alloy Ventures and Norwest Venture Partners (NVP), the funding will be used for product development, partnership expansion, and consumer marketing.
Retrevo is betting on a big market opportunity, seeing the whopping $160 billion the Americans have spent on consumer electronics in 2007. The Consumer Electronics Association estimates that total consumer electronics revenues in the U.S. for 2008 will hit $170 billion with the average household spending over $1,600 on consumer electronics products. Realizing the buzz in the market with a wide range of products, Vipin Jain and the cofounders have envisioned building a consumer website that will simplify the product shopping.
Jain confidently says, “Retrevo will be best positioned to play in the more than $2 billion market for lead generation and branded advertising.”
“Over the last 12 months we have quadrupled our users and their engagement a strong validation that consumers are demanding control and simplification,” claims Jain. With less than 30 employees including on-site and offshore teams Retrevo, founded in 2005, is headquartered in Sunnyvale, California.