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Sugar Buys Daily Deals Site FreshGuide

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Women-oriented blog network Sugar Inc. tells us it’s buying FreshGuide, a startup that offers daily deals in four markets targeted at women. (Like its better known rivals, LivingSocial and Groupon, the deals only go into effect when enough people say they are interested in an offer.)

The acquisition is Sugar’s latest move to diversify its revenue beyond advertising. The company bought up video-heavy shopping site Shopflick a year ago and purchased social shopping startup ShopStyle in September 2007.

The rationale for this acquisition, according to Sugar CEO Brian Sugar: “We felt there were tremendous synergies between Sugar and FreshGuide that could be achieved by combining our large audience with their local service.” The company says it will keep the FreshGuide brand and expand it to 30 new cities within the next year-and-a-half.

Financial terms of the deal were not announced. FreshGuide, which also owns online appointment startup BookFresh, had raised about $1.5 million in funding from backers including NBC Universal (NYSE: GE). NBC Universal was also an investor in Sugar, but Sugar bought back NBC Universal’s stake last June.