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USVP, Vahalla and General Catalyst invest in digital marketing start-up Shopximity

Posted by Scott Kirsner  October 31, 2011 08:03 AM

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Shopximity founder Sim Simeonov confirms that his Cambridge start-up has raised a "solid-sized" Series A round of several million dollars from a trio of venture firms: US Venture Partners, Valhalla Partners, and General Catalyst, where Simeonov recently served as an executive-in-residence.

Simeonov isn't saying much about what Shopximity will do yet. "We want to provide a new model for value-based marketing, not just coupons or price discounts," he says. The company will be focused on Web and mobile advertising. "When users don't see things that are valuable to them, they teach themselves not to click on the ad, and that penalizes both advertisers and publishers," he says. "We think people not being engaged with ads is a massive missed opportunity to make the Web more useful."

The company will focus initially on the consumer packaged goods industry — think shampoo and shaving cream — "because those are things that people are in the market for all the time," says Simeonov. Ron Elwell, formerly CEO of Goal.com, is Shopximity's chief executive.

The company has offices at Alewife, and about five full-time employees. The software development consultancy Bocoup is helping Shopximity with product development. Simeonov says Shopximity will be more specific about what exactly it is doing — beyond just "making the Web suck less" — early next year.

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Scott Kirsner was part of the team that launched Boston.com in 1995, and has been writing a column for the Globe since 2000. His work has also appeared in Wired, Fast Company, The New York Times, BusinessWeek, Newsweek, and Variety. Scott is also the author of the books "Fans, Friends & Followers" and "Inventing the Movies," was the editor of "The Convergence Guide: Life Sciences in New England," and was a contributor to "The Good City: Writers Explore 21st Century Boston." Scott also helps organize several local events on entrepreneurship, including the Nantucket Conference and Future Forward. Here's some background on how Scott decides what to cover, and how to pitch him a story idea.

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