5th Aug 2010. According to SmartCompany, Ozsale.com.au, Australia’s first private online shopping club has received a A$14.5m investment from New York-based Insight Ventures, an entrepreneur, software and internet investor that has raised US$3bn since it was founded in 1995. Insight invested US$100 million in Twitter last year, and also invested in (former) Aussie internet measurement firm Hitwise.
Ozsale.com.au is an exclusive private online shopping club, representing a community of Australian with a passion for shopping, and an interest in what the world of online sales has to offer. It conducts private sales to its members, focussing on the best brands in the world, all open for a limited time only and featuring discounts of up to 80% off the RRP. Sales start every morning and run for a few days only, exclusively to members. Members build and shape the community by inviting new members via an invitation program – earning themselves a $10 voucher when each new friend places their first order.
OzSale, which was founded in January 2007 by Jamie Jackson. According to SmartCompany it has 700,000 subscribers and claims to be growing at 2000 members a day. It runs sites in Australia and New Zealand and has just launched a site in Singapore. The $14.5 million in new funding will be used for customer acquisition, investing in infrastructure such as warehousing, distribution and talent, and growing further into Asia.