BestVendor Raises $600K From SV Angel, Peter Thiel, Others

BestVendor said Tuesday it closed last week on seed funding of $600,000 from Lerer Ventures, SoftBank Capital
, Ron Conway’s SV Angel and angel Peter Thiel, formerly of PayPal. According to BestVendor CEO Jeff Giesea, the company will hire front-end developers and designers. BestVendor is based in New York City.

BLOG POST

Closing seed round, welcoming new investors

Posted on June 21, 2011 by Jeff Giesea
Since incorporating in January, we’ve been busy laying the foundations for an awesome business — researching the needs of users and customers, building an outstanding team, finding office space, initiating Whiskey Wednesdays (we think of this as creating a fun, high-performance culture), and working on our product. During this time, the signals from the market have been very encouraging. Business people at startups and small businesses really want — and need — better resources for purchasing decisions. Meanwhile, the LinkedIn IPO and Marc Benioff’s declarations reinforce the “b2b social commerce” opportunity that BestVendor is serving.

Today I’m happy to announce a new milestone. Last week, we closed our seed funding round, raising $600,000 to build out our product and community. Our objective wasn’t so much the money, but instead to attract a group of early-stage investors who understand our vision and can guide us as we refine our product, hire exceptional employees, and tackle the huge opportunity we see in front of us. And on that front, I’m really grateful for the outcome. Our investors are an amazing group of East and West Coast venture investors. They include:

* Lerer Ventures – Eric Hippeau was the CEO of Huffington Post and Ziff Davis

* SoftBank Capital – brings global and B2B connections and our favorite VC, Joe Medved

* SVAngel – the leading angel fund in Silicon Valley

* Peter Thiel – the founder of PayPal, original investor in Facebook, and leading innovator

We’ll be working hard to meet and exceed the expectations of this astute group, all with our original vision in mind: to become the first place you go whenever you need to figure out what to buy for your business