Daily Grommet, a US online shopping site and marketing platform for innovative and undiscovered products, has received funding from Japan-based online marketplace Rakuten.
Daily Grommet will use the funds to expand its curated e-commerce site and product launch platform.
The deal is mutually beneficial, with Daily Grommet allowing Rakuten to advance its sourcing, curation, and storytelling capabilities and deepen consumer connections to its merchant partners, while Daily Grommet gains an expanded portfolio of products.
Since its launch in 2008, over 1000 products and emerging companies have been featured on DailyGrommet.com, many of which have become household names. The company’s ‘Citizen Commerce’ movement creates connections between inventors and consumers, by enabling product purchases that express contemporary values around sustainability, quality, technology and social enterprise.
“Tens of thousands of new products are launched in the US every year, so it’s not hard to believe that many go unnoticed or are simply hard to find,” said Jules Pieri, co-founder and CEO of Daily Grommet.
“Our goal is to bridge the gap between traditional marketing and e-commerce by connecting inventors and undiscovered companies with consumers. Their stories are heroic and inspiring and we succeed at leveling the playing field, so the best products and companies can win, not just the biggest ones,” he added.
Daily Grommet, with its online editorial and video capability, telling stories around products, has already been proven complementary to Rakuten’s Buy.com site, as the two have worked together to help expand Daily Grommet’s reach.
Daily Grommet began using Pinterest in mid-2011 as an extension of its community sourcing for high-quality Grommet submissions. In May, Rakuten took a strategic stake in Pinterest.
“Our investment in Daily Grommet supports our overall global strategy of creating an enhanced consumer experience in e-commerce,” said Hiroshi Mikitani, CEO of Rakuten.
“Daily Grommet is a perfect fit with the Rakuten family, as its team has shown great vision and passion for launching undiscovered products and companies. Our core business model of empowering merchants aligns perfectly with the goals and vision of Daily Grommet,” said Mikitani.
Daily Grommet is rooted in the philosophy of Citizen Commerce whereby regular people form the commerce experience by suggesting products that reflect their values and interests. Citizen Commerce turns the typical top down retailer approach sideways, encourages global product innovation from small producers, and satisfies the consumer’s need to know the stories behind and origins of favorite products.
GB
