Israeli startup MySupermarket, UK’s independent grocery shopping and comparison site, has completed a new round of investment of $7.4 million, led by Greylock and Pitango. The company has raised $22 million to date. Along with the announcement of the founding Mysupermarket has also made some significant changes in its managament team, by adding Alon Bloch as CEO, replacing the founder Amir Ofer. Bloch was previously a partner in Jerusalem Venture Partners and an active member of the board in the Israeli startup Wix.
MySupermarket is currently operating in the UK only, as an ecommerce aggregator which creates channel for users to compare and buy FMCG products online from the leading supermarkets in Britian: Tesco, ASDA, Sainsbury’s and Ocado, an online channel on its own right, by letting users fill a virtual trolley or compile a printable shopping list. In addition, MySupermarket developed a technology which shows the nutritional values of food products, to help the user decide between competing brands.
To date, MySupermarket is comparing 60,000 products and serving about 1 million unique users a month. Its business model consists of advertising and selling the behavioral purchasing data of its consumers – including brand loyalty and frequently searched for products. The data is sold on a separate site called mySupermarket Insights, which provides manufacturers, retailers and other FMCG analysts with a quick and easy way to keep track of prices and promotions in real-time. The site offers instant access to clear and concise tables, graphs and Excel reports showing current price and trends over time for all the categories, brands and retailers.
Started in October 2006, Mysupermarket currently has a team of 35 people and is looking to expand further, both geographically and on the product front, by adding a mobile offering soon. All signs show that Mysupermarket is progressing nicely and is likely to avoid the faith of WebVan, an online grocer that will always be remembered as one of the largest (and most expensive) failures in the history of the web. Another interesting company operating in the space is Alice.com, which enables users to buy FMCG directly from manufacturers.