Confirmed: Ebay Acquires Milo For $75 Million. Investors Make A Killing.
An update to our post earlier today: We’ve confirmed that local shopping startup Milo has in fact been acquired by eBay, for $75 million. Business Insider first reported on the possible deal earlier today.
Investors in the company certainly did well. They raised just $5 million in venture capital. We’ve heard that True Ventures, which led the Series A round, owns some 25% of the company prior to acquisition. If accurate, they just pocketed nearly $20 million, a 10x or more return on an investment made a year ago.
So what is Milo? Essentially the site lists in-store product inventory for over 50,000 stores accross the country; featuring over 3 million products at from Target, Macyâ€™s, Best Buy, Crate & Barrel and more.
The one problem Milo has faces is that Google has started playing in the same space. Earlier this year, Google Product Search launched Blue Dot, on mobile search. Similar to Milo, Blue Dot allowed users within search to see if a product is in-stock at nearby stores. However, Milo countered back then that Google doesn’t have the inventory reach that Milo has. A few weeks ago, Google unleashed a new version of Product Search, with more inventory listings from 70 popular retail brands, many of whom also list with Milo.
Milo struck back with a coupon feature and also previously launched an Android app, but having Google has a competitor is no doubt daunting for any bootstrapped startup. Especially in the search game.
For eBay, Milo represents just another way to get into the $917 million market of online research to offline buying.
- eBay Reportedly Goes Shopping, Acquires Milo.com For $75 Million
- eBay Bets On Online To Offline Shopping, Adds Milo’s Local Product Availability To Search
- Thanks To Milo, eBay Goes Local With Product Inventory Tool GiftsNearby
- Milo Fetch Allows Local Retailers To Upload Their Inventory To eBay
- That Was Quick: eBay Adds Milo Results To Mobile ‘RedLaser’ Apps