Become.com, a Mountain View, Calif.-based online comparison shopping site, has raised $17.5 million in Series C funding from TPG Growth. The company had raised a $7.2 million Series B round in 2005 led by Trans Cosmos.
TPG Growth and Become.com ( http://www.become.com/ ), the Web's fastest-growing site for comparison shopping, announced today that TPG Growth has made a $17.5 million Series C investment in Become.com.
Become.com is in its second consecutive quarter of profitability. In connection with the financing, Taek Kwon, an operating partner with TPG Growth, will join Become.com's board of directors.
“TPG's investment validates our approach,” said Michael Yang, Become.com's Founder and CEO, who also founded MySimon, a site that pioneered the comparison shopping category. “We are passionate about providing the most value to our merchants and our shoppers who use Become.com to make ideal buying decisions.”
“We are thrilled to invest in Become.com, a rapidly growing company that not only operates the fastest growing comparison shopping site but has also developed a unique search engine technology platform that provides various new opportunities for growth. We look forward to working with the great team at Become.com to build the top comparison shopping company,” said Taek Kwon, Operating Partner, TPG Growth.
Become.com is positioned to grow as more shoppers choose to research products and compare prices online before they buy:
* A survey of shopping habits from Accenture found that 69 percent of respondents now research products online, 68 percent compare prices online before shopping in a physical store and 58 percent locate items online before going to a store to purchase.
* Independent firm comScore Media Metrix ranked Become.com the fourth-fastest-growing Website of any kind in October 2007. Become.com's site traffic grew 260% from February 2007 to February 2008.
About TPG Growth
TPG Growth is the venture, growth and smaller buyout investment platform of TPG, the global private investment firm. With more than $2.5 billion under management, TPG Growth targets investments in technology, life science, biotechnology, renewables, and consumer companies utilizing venture capital, growth equity, public equity and leveraged buyout structures. The firm is backed by the resources of TPG with more than $50 billion of assets under management. TPG Growth has offices in the
Become.com is a powerful search engine and comparison shopping service. Founded by industry pioneers Michael Yang and Yeogirl Yun, creators of MySimon, Become.com helps people make better buying decisions and purchases online. Become.com searches over 5.6 billion web pages and uses its patent-pending AIR