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There must be a big sale on social shopping sites these days… ThisNext has acquired fellow social shopper StyleHive for an undisclosed amount. To house both properties, Santa Monica, CA-based ThisNext is forming a new parent company called Curatemedia. In conjunction with the acquisition and the new holding company, ThisNext also said it completed a third round funding. The company declined to discuss the funding, though an SEC filing shows it was $1.2 million. Including the latest round, ThisNext has raised a total of $11.7 million. The deal between ThisNext and StyleHive comes a week after Time Inc. (NYSE: TWX) acquired social shopping site StyleFeeder as it looks to build e-commerce up as a revenue stream for its fashion mags.
ThisNext’s latest funding came from Clearstone Venture Partners, Anthem Venture Partners and Lightspeed Venture Partners. The proceeds will be go towards developing additional shopping tools and refining its e-commerce functions. It will also support Curatemedia’s plans to expand into new verticals and categories, the company’s CEO Scott Morrow said in a statement.
At least at this point, ThisNext and Stylehive will operate as distinct brands. The Tiburon, CA-based Stylehive raised $2.62 million back in 2006 in a round that was led by ThisNext backer Lightspeed. At the end of 2007, Stylehive bought Stylediary, which added a dose of editorial content to its social shopping features.