MySpace Co-Founder, Josh Berman and serial Internet entrepreneur, Diego Berdakin, announce their next generation ecommerce company, BeachMint, Inc. The company will focus on social and curated commerce. With the recent successes of companies like Gilt, Groupon, Rue La La, and Shoedazzle, Berman states “This is the most exciting opportunity I’ve seen since 2003 when blogging, photo sharing and IM were gaining traction and led us to the creation of MySpace.”
Berman and Berdakin raised $5MM from New Enterprise Associates and Anthem Venture Partners, whose recent investments in the space include Groupon.com and Diapers.com. BeachMint will partner with trusted celebrities and influencers to launch its platform across multiple consumer product verticals.
Online retail spending has surged in recent years. While currently accounting for only 6% of all retail spending (according to Morgan Stanley Internet Retail Report), it approached $34 billion in the first quarter of 2010 (Comscore May Report), and has signs of exponential growth ahead. Pete Sonsini led the investment on behalf of NEA, stating “BeachMint is well positioned to capitalize on market trends and lead the way for tomorrow’s disruptive commerce technologies. Given Josh and Diego’s backgrounds, we are very excited for this venture.”
Headquartered in Santa Monica, BeachMint has begun development of their first platform, which they expect to launch prior to the holiday season.