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San Diego-based venture investment fund AvalonVentures has made a seed investment in a developer of a social shopping service, LoopIt , according to the companies. and is a spinout of Redstar Ventures, a ventureincubator firm in Cambridge. Avalon's Rich Levandov was involved in the investment.
The startup--led by technology startup vet Derrick Oien--said the funding was led by Sinclair Digital Ventures, a division of Sinclair Broadcast Group. Also participating in the funding was AvalonVentures, New Enterprise Associates, and angels, including Kevin Plank (Under Armour) and Paul Palmieri (Millennial Media).
The company appears to be another company emerging from COI Pharmaceutiacls , the life sciences incubator and support entity created by AvalonVentures to support its portfolio companies, as Sanford Madigan, Jay Lichter, and Tighe Reardon are all listed as officers of the new company. funding raising effort.
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