Peer-to-peer social commerce company Shopit has secured $2.5 million in the first tranche of a second round of financing. New investor Emerson Ventures joined the round — which Shopit hopes will ultimately close at $7 million — along with previous investor Propulsion Ventures. The LA-based company develops apps that let users buy and sell products across social networks and established online sales channels like *eBay*. It plans to use the funds to help build out its own ad network and grow its sales team. The size of Shopit’s first funding round wasn’t disclosed.
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