Ugenie, a new comparison-shopping site using Web 2.0 tools and features, which launched a couple of days back has received $5 million from VC firms Blue Run Ventures and Sierra Ventures in. The company was founded in May this year by two ex-Amazonians - Krishna Motukuri and Harish Abbot.
The Ugenie algorithm searches around 40 sites for information about prices of a host of things like books, movies, music etc and delivers the results of the cheapest deals.
On this Motukuri said;
For 10 years since the launch of Amazon, nothing much has changed in the area of shopping. Pretty much all the innovation in the space has come from Amazon.
Mark Fernandes, Managing Director, Sierra Ventures, said;
Ugenie is not just another shopping search engine. Its ability to unlock the hidden savings by taking advantage of price breaks, including shipping, taxes, and any coupons available for the product or bundle of products, is unique only to them.
Ugenie will add more sites and items in the coming days and with the money now in the project, it will surely gain momentum in developing and marketing it.
It is indeed a fresh idea as Motukuri said that the only innovations of worth came from Amazon that even now looks stuck with the old-fashioned modus operandi.
News: Red Herring
