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Los Angeles-based Siemer Ventures announced today its investment in Ribbon, a social commerce platform that enables anyone to sell goods or services online. The $1.6 million seed round was led by Draper Associates and included individual investors.
Ribbon allows people to sell items online, share them socially on their social networks and accept credit card payments. The cool thing is, buyers can complete their purchases wherever they click the link. So if you click an individual’s sale link on Facebook, you can process the rest of your transaction without going to another site.
According to a The Next Web report:
Company co-founder and CEO Hany Rashwan tells us Ribbon will use the money to grow the team and focus on scaling the product, both by acquiring new users and expanding to other platforms like YouTube. With respect to the first part, it has already begun recruiting, having recently brought on board Teens in Tech founder Daniel Brusilovsky and Sean Blake. Previously, the company raised $120,000 from AngelPad, Gokul Rajaram, Sierra Ventures, and InterWest Partners.
In three short months, San Francisco-based Ribbon has managed to catch the eye of locals. This includes, of course, Siemer Ventures, a firm that’s been recently quite active. Last week, Siemer participated in a $4 million round for music lessons company TakeLessons, and the week before, contributed to a $7 million series B round for social media advertising firm Optimal.
Visit Siemer Ventures’ website, check out their BILA profile, and follow them on Twitter at @SeimerVentures.
