Even after the news of losing its CEO and founder Kathy Savitt to Yahoo, social commerce network Lockerz has still gained $7.5 million (£4.7 million) in new funding, according to a spokesperson for the company.
The company has reported that the increase came from its existing investors, including Liberty Media and Kleiner Perkins as well as other investors such as Live Nation and DAG Ventures. This brings Lockerz a total funding of about $80 million (£50 million).
With Lockerz, social media users can have greater influencing powers over their friends, becoming both a content advocate and a brand in itself. The network, which is eyeing 45 million uniques every month, mainly caters to young men and women between the ages of 13 and 30 while building a community of fashion aficionados who love to connect, play, and shop on the Web.
Members on the site earn special points for almost everything they do online with what the networks dubs “PTZ”. They use the earnings for discounts on several products offered in the Lockerz store, which include James Jeans, 7 for All Mankind, Nintendo, Xbox 360, Olympus, SkullCandy, and Canon.
With these brands alone, users have been able to use as much as 3 billion PTZ worth of million-dollar savings for different products available for sale in the store.
Meanwhile, Mark Stabingas, former COO at Lockerz, was appointed as the company’s newest CEO and will help determine what lies ahead for Lockerz in the future.