Hearst acquires $30M social shopping company
Today it was announced in the Wall Street Journal that media giant Hearst Corp acquired social shopping website Kaboodle for $30 million. Hearst, the publisher of magazines such as Cosomopolitan and Good Housekeeping, saw obvious value in social shopping.
This is very interesting to us because Kaboodle is the company we have seen as most similar to Wishpot. Unlike Wishpot, they haven’t really tried to address in store retail shopping, but like Wishpot they provide tools to collect, manage, share and discover products through online lists.
We want to extend congratulations to the Kaboodle team. Congratulations to the Kaboodle team. This is some great market validation for the social shopping space and I firmly believe we have barely scratched the surface of the opportunity and innovation for social shopping.
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Congrats to Kaboodle!! I love Wishpot for shopping with friends, old and new, and seeing what great buys I can find. It’s nice to see these kinds of social shopping companies getting the validation they deserve. I’ll be sure to check out Kaboodle and invite all my friends to check it out too!