NBIF Investment To Change The Way We Buy Online

The New Brunswick Innovation Foundation today announced a $100,000 venture capital investment in Saint John-based start-up company Spinzo Corporation. Spinzo has developed a new, online group-based buying and selling platform for consumers and merchants.

“What’s different about Spinzo is how it works in the best interest of both the buyer and the seller,” says company founder Emmanuel Elmajian, “as the demand for a specific deal goes up, the price of the deal goes down, until it reaches a minimum price set by the merchant. This way, merchants can help their customers save money without selling at a loss.”

Many websites of this type take high commissions from merchants, on sales of goods that are already discounted as high as 90% off the original price.

“We invested in Spinzo for its potential to attract companies interested in expanding into the market for group-based online buying, without losing money,” says NBIF President and CEO Calvin Milbury, “because its pricing model is based on the fundamental principle of supply and demand, we’re confident that companies that have been avoiding the group-buying movement, will take a serious look at Spinzo.”

Spinzo launched its beta trial in January 2012 with a “flagship” product offering aimed at students attending the University of Toronto. The insights gained throughout the trial will help to refine the Spinzo solution and fine-tune it for consumers.

Spinzo Links Merchants With Bargain Shoppers – CBC News – cbc.ca