mySupermarket.co.uk Raises Finance to Continue UK Expansion from Leading Global Investors

May 07, 2007
London, UK: www.mySupermarket.co.uk, the grocery price comparison and saving website, today announced that it has raised $6m to finance the company's continued expansion. The finance has been provided by two leading international venture capital funds, Greylock Partners and Pitango Venture Capital. Greylock's investments include successful internet businesses such as Facebook, CheckFree, Digg, Linkedin and Doubleclick. Pitango's previous investments include Retalix, a global software provider for the grocery industry. www.mySupermarket.co.uk, which launched in October 2006, has transformed the way in which UK consumers use the internet, by making it easy for them to get more value out of their supermarket basket while enjoying a more "life-like" online shopping experience. Large pictures of products on easy to use shelves makes shopping feel like the real thing, and by showing clever ways to save within your chosen online supermarket (Ocado, Tesco, Sainsbury's or Asda), as well as comparing the cost of an entire trolley in each online supermarket, consumers are able to save around 20% on a weekly shop. Since its launch, the website has established itself as a consumer champion for supermarket shoppers, with an impartial service to a fast growing loyal customer base, and extensive relationships with brand owners and retailers. mySupermarket has now raised additional finance to capitalise on its position in the UK and to extend its activities to additional countries. Johnny Stern, UK Director of MySupermarket.co.uk, explained, "This is a huge endorsement of the website and the value it provides, by two of the world's leading venture capital funds. The finance will be used to significantly expand the business and to add some exciting new features for the website. We are also broadening our activities with brand owners and retailers for the benefit of mysupermarket shoppers." Commenting on the investment, Yoram Snir of Greylock Partners said, "The phenomenal growth of the online retailing market, and particularly in the UK, means that the opportunity for unique and rapidly growing businesses such as mySupermarket.co.uk is enormous. When married with a strong management team capable of establishing a market leading position and mySupermarket's unique technology, we believe that this has the potential to create a large and successful company that serves the UK market and beyond." Rami Bracha of Pitango Venture Capital added: "mySupermarket.co.uk brings a unique opportunity to invest in a technology company that is transforming how consumers shop online. The launch in the UK has been a phenomenal success and gives us every confidence that the company is well placed to accelerate its growth." About mySupermarket.co.uk: www.mySupermarket.co.uk is an independent shopping comparison and saving website for UK supermarket shoppers. The site allows shoppers to shop online from ASDA, Tesco, Sainsbury's or Ocado (Waitrose) and to save up to 20% on their weekly shop regardless of which supermarket they choose. mySupermarket Limited is a private company, owned by a group of private investors and mySupermarket employees - a team of online experts, dedicated to using internet technology to make online shopping a more enjoyable, or at least more bearable, experience. mySupermarket is an impartial service based on continuously updated information. None of the supermarkets or product manufacturers own a stake in the company. About Greylock Partners Founded in 1965, Greylock Partners is one of the world's leading venture capital firms. Over the past 41 years, Greylock has funded and helped build several hundred successful companies. The Greylock approach uniquely puts the entrepreneur first, with Greylock working as an "invited guest" in a highly supportive yet consultative way to help entrepreneurs build market-leading companies. Companies Greylock has funded include Ascend Communications, CheckFree, Continental Cable, Decru, DoubleClick, Internet Security Systems, Ikanos, Legato, Millennium Pharmaceuticals, Openwave, Red Hat, RightNow Technologies, Tellabs, Trilogy and Wily Technology. Greylock's offices are located in Silicon Valley, the Boston area and Israel. For more information, please visit www.greylock.com. About Pitango Venture Capital: Pitango Venture Capital has been investing in technology entrepreneurs since 1993. Pitango currently manages several venture funds totaling over $1 billion in committed capital invested in more than 100 companies. Pitango invests in high-growth companies in seed and early stages, supporting them as they grow. Pitango focuses on the IT/Communication sectors, as well as in Life Sciences, including Medical Devices and Biotech.