|Venture Round, 11/2011 ||$3.2M|
|Venture Round, 5/2012 |
Oxford Capital Partners
Bag That is a website that enables consumers to collaborate together to get better deals on a wide range of branded products and services. Bag That is different to normal retail in that rather than stating sale prices, Bag That asks consumers to state what they would be willing to pay for promotional items. With this information, Bag That works with suppliers to aggregate the total demand and to subsequently deliver the best possible price based on the consumer driven price/volume mix. The more people that bid, the higher the likelihood of securing a lower price deal so there is every incentive for consumers to collaborate and win together. Winning consumers are those who have bid at or above the winning price point and all winning consumers win at the same, lowest price. Bag That takes the best bits of an eBay auction model and the best bits of a Groupon type group sourcing model to deliver a new model that for the first time truly optimises the potential of social network buying. Bag That only works with high quality branded retail suppliers and is initially being launched into the UK market.