Shopobot has announced its seed funding today from Google Ventures, AOL Ventures, and several strategic investors. Shopobot also opened its website to the public for the first time, revealing a new approach to online shopping where consumers have immediate access and transparency into price changes offered by online retailers.
Shopobot was formed to reveal the volatility of prices for consumer products sold online, and to help consumers use this information to gain an advantage when making purchases. It is not uncommon for retailers to change their prices several times in the course of a week and these changes can often fluctuate by as much as 20 percent. With Shopobot, consumers gain access to price changes, ultimately saving their dollars.
The company was formed in January when the founders were accepted to the AngelPad accelerator program. After their demo day presentation in March, the team received investments from both Google Ventures and AOL Ventures to grow their project.