YBuy Raises $1 Million In Series A
YBuy is a startup that has raised $1 million in Series A. Tomorrow Ventures, the venture capital firm founded by Google chairman Eric Schmidt, is leading the round. The idea behind YBuy is that customers can try out gadgets before buying them. YBuy believes that the trial model will encourage customers that are skeptical to make the full purchase. The goods include coffee machines, Fuji cameras, and iPads. It costs $24.95 per month to join the subscription program.
If you like the YBuy product, you can keep it. Otherwise you can send it back and wait to receive the next product. There are about 50,000 people on YBuy’s wait list. The startup plans to use the funding to transition more of their subscribers into paying customers.
YBuy was founded in 2009 by Stephen Svajian, Kevin Wallin, and Tim Wallin. They previously raised $750,000.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry