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Needle sews up $10.5m Shasta, Rembrandt-led financing round

3 Jul 2012

Shasta Ventures and Rembrandt Venture Partners have co-led a $10.5m financing round for social shopping facilitator Needle.

The company said it planned to use the Series B funding to push its social selling platform to more companies and expand its pool of brand experts and fans for its e-commerce clients.

Needle provides companies with the ability to link shoppers with its experts and brand fans through chat, video and voice on its social shopping platform.

Needle founder and CEO Morgan Lynch said, “Companies that continue to use antiquated text-based chat to provide customer experience are going to fall far behind in the ecommerce world.”

Shasta Ventures partner Jim Barnett said, “The platform Needle has architected over the last two years has the potential to change the ecommerce landscape

“Ecommerce companies have been focused on social commerce without a lot of measureable results.

“Needle’s platform takes fans and experts from places like Facebook and literally puts them to work by inserting them into the sales process.”

Prior to this round Needle had raised a series A round of $2m.

The latest funding is the second time Shasta has invested in a company founded by Lynch, having previously backed his start-up Logoworks which was acquired by HP in 2007.

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