PALO ALTO, CA--(Marketwire - May 26, 2011) - Project Slice today announced that it has completed its Series A financing of $9.4 million. Founded in 2010, Project Slice has developed new ways to help consumers track and manage purchases based on their electronic receipts. The company today released the first of its consumer services, a free app called "All My Purchases" available within Yahoo! Mail, and will offer additional services in the coming months.
The Series A round was led by DCM and Lightspeed Venture Partners. Additional investors in the company include Michael Birch, FLOODGATE (Mike Maples), Innovation Endeavors (Eric Schmidt), and Rick Thompson.
"Our vision is to become the standard for helping consumers organize all of their purchases," said Scott Brady, CEO and co-founder of Project Slice. "Consumers are faced with a literal crush of information about what they buy, but have no simple way to make use of that information when they need it. We're making it easy to cut through the clutter and put the post-purchase information you need right at your fingertips."
According to comScore, online retail sales reached $38 billion last quarter, the highest e-commerce total the analytics company has charted yet. This is a conservative figure, however, that reflects only a fraction of a market that also includes additional major online categories and traditional retailers that are turning to electronic receipts. The Slice service addresses this burgeoning market, simplifying shopping by automatically compiling digital purchase information and presenting it to consumers in an easy-to-use format. The first free service to automatically keep track of purchases, Slice will help shoppers stay organized and save time.
"With Project Slice, we saw an opportunity to create value for shoppers," said Peter Moran, general partner at DCM. "These days, even traditional brick-and-mortar retailers are moving towards electronic receipts. A company that can help consumers make use of the increasing amount of digital information that's available about their purchases, in a simple, intuitive fashion, is very interesting to us. Their fresh approach backed by a proven management team made investing in Project Slice a great opportunity."
"I have ten years worth of e-commerce receipts scattered across various folders in my email inbox -- several hundred purchases. It's a nightmare. I lose track of what is getting delivered when, when my warranties expire, when my return windows close, everything," said Jeremy Liew, managing director at Lightspeed Venture Partners. "Slice brings order to my madness. I know that I'm not the only one with this problem since we all shop online now. People are going to love this product. It's bringing structure to the massive amount of e-commerce data that is being produced every day."
Project Slice will offer its free consumer service in a number of ways, the first of which is the "All My Purchases" app within the new Yahoo! Mail. As a service embedded within Yahoo! Mail, "All My Purchases" is currently available to every Yahoo! Mail user. Project Slice will roll out its service to the general public in the coming months.
About Project Slice
Project Slice provides the simplest way to organize your purchases. Slice automatically pulls information from electronic receipts in your inbox and presents it all in one place, making it easy to see what you've bought and track the progress of your orders. For more information, visit www.projectslice.com.
Contact Information:
Contact Information
Tessa Greenwood
LaunchSquad
slice(at)launchsquad(dot)com
415-625-8555