Daily Grommet, a Lexington-based online marketplace and video review site for up-and-coming products, has announced a round of Series B funding led by Rakuten, one of the world’s largest online marketplaces.
According to BostInno, Rakuten's investment in Daily Grommet, the amount of which was not disclosed, comes weeks after announcing its $50 million investment into Pinterest. Daily Grommet plans to use the investment capital to further expand its highly curated e-commerce site and product launch platform, a company press release said.
Read the full story on BostInno.
Not familiar with Daily Grommet? According to its overview, the e-commerce company seeks out unique products, thests tests them and produces a video review that tells the story behind each product's creation. Those products, which often have not yet hit the mainstream, come to light through a process Daily Grommet calls "Citizen Commerce."
From the website:
Daily Grommet is rooted in the philosophy of Citizen Commerce whereby regular people form the commerce experience by suggesting products that amplify good in the world by preserving craft, providing real innovation, by giving back, and by being ecologically responsible. Citizen Commerce turns the typical top down retailer approach sideways, encourages global product innovation from small producers, and satisfies consumer demand for knowing product stories and origins.