Grocery comparison site mySupermarket has won $10m in investment.
mySupermarket says the investment, led by global advertising group WPP Digital with existing investors Greylock and Pitango, comes at a time when more shoppers are buying online and also looking to reduce the amount they spend. In this market, it says, it is growing at 100% a year, as consumers come to the site to check where they can find the best deals.
Allon Bloch, chief executive of mySupermarket said: “mySupermarket has turned the retail model on its head. Instead of focusing on profitability per square foot, we focus on optimising consumers’ savings and enabling them to find the best value.
“We want them to buy the products they want for the best price possible. It means that shoppers are increasingly putting their trust in us as a shopping destination. We present the option of shopping across the major supermarkets and the choice to check-out with the one that gives them the best value.”
Recent innovations at the website include online brand stores. Fast-moving consumers goods brands including Nivea, Reckitt Benckiser and Kellogg’s all have their own mini-sites on mySupermarket. The site is also now looking to expand into new countries as it takes grocery comparison global.