Luvocracy Raises $11 Million
Luvocracy is a social shopping service that has a similar user interface as Pinterest. Luvocracy allows users to buy products recommended by friends. The company has raised $11 million in funding from Kleiner Perkins, Google Ventures, Marissa Mayer, Ali Pincus, Jim Lanzone, Tony Robbins, CrunchFund, RPM Ventures and XG Ventures. Bing Gordon of Kleiner Perkins is joining the Luvocracy board of directors. Luvocracy was co-founded by Nathan Stoll and Roger Barnett.
Stoll used to be an early Google employee that helped run Google News. His last startup, Aardvark, was acquired by Google in 2010. Barnett was the founder and CEO of Beauty.com and served as the CEO of Arcade Marketing. The idea around Luvocracy is to buy products based on recommendations from people that they trust through recommendations.
After creating an account, you can find products that you are interested in and import your Facebook friends. You can filter product feeds by trending information, by the people you trust for recommendations, the latest product added, and featured products. Luvocracy shows a maximum that you will pay for the product.
The company also launched a “Buy It For Me” service. When you find something that you luv from a trusted a person, you can quickly buy an item. Luvocracy locates and purchases the item and deals with any shipping issues. Luvocracy also has a 30-day return policy.
Luvocracy lets you see collections of products that you like and want to recommend. Recommenders also receive a portion of the sales in Luvocracy.