The District-based company behind an app that allows consumers to compare prices at local stores has raised $4 million from a slate of investors, executives announced Thursday.
The capital infusion will fuel the company’s plans to open StockUp, an app formerly known as PriceSpotting, to consumers in cities across the country later this summer, chief executive Neil Kataria said. It first debuted in the District earlier this year.
“We hope that whatever city you’re in you can open up the application and uncover your favorite products or brands inside the application, who carries them, what the prices are and if they’re on sale,” Kataria said.
StockUp allows users to create a detailed shopping list — a 12-pack of Coca-Cola, a loaf of whole wheat bread, two dozen large eggs — then compare the price of those items at nearby stores. Before leaving the house, they’ll know where to find the best deal.
The app was initially built by Kataria’s company, Blue Tiger Labs, but will become a separate business entity called StockUp Commerce. Blue Tiger Labs develops other mobile applications as well.
Investors in the round include local entrepreneurs Mark Ein and Haroon Mokhtarzada, as well as The Entrepreneurs’ Fund, Eniac Ventures, and former ITA Software founder Dave Baggett, among others.
The version of StockUp that rolls out nationwide will also allow users to create joint lists with friends, family members or roommates, as well as create a roster of items that the user purchases regularly.
“We’re finding a lot of consumers and shoppers in general will purchase between eight and 20 items every week or every month,” Kataria said. “If consumers tap on an item it saves to their favorite list and we’ll send them alerts when their favorite products are on sale.”
Kataria is also the founder and chairman of District-based NewBrandAnalytics, a firm that monitors social media to measure customer satisfaction with a brand, company or agency.
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