Needle raises USD2.5 million for online shopping advice

A new model of social commerce

Needle, which provides advice to online shoppers, has scored USD2.5 million in convertible debt from Rembrandt Ventures Partners and is reportedly looking to raise a new round of funding. The US-based company was founded in 2010 after its CEO, Morgan Lynch, failed to find a good-quality wetsuit online and had to pay USD400 for it in a physical shop. The startup works with around 20 retailers to recruit ‘fans’, which it trains to sell products and services through a communications tools that includes chat and e-commerce features. The firm says it will use the new capital to expand its sales and marketing and boost staff numbers. Needle has previously raised USD2 million from backers including Lightbank and angel investors.

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