Social media site Lockerz just raised $36 million in financing. The latest round includes DAG Ventures and Live Nation as first-time investors. Lockerz raised $30 million in two earlier rounds of financing, bringing the total raised to $66 million. Financial sources said Kleiner Perkins Caufield & Byers and Liberty Media, both of whom are existing investors, were also participants in the current fund-raising round.
In addition, another $9 million is expected to close in the next month or two, those sources said. Lockerz allows visitors to build up points that can be redeemed to buy goods offered on the Lockerz shopping site. Those points, which Lockerz fans refer to as PTZ, accumulate every time a user takes part in some activity on the site, such as watching a video or participating in a poll.
This story first appeared in the August 5, 2011 issue of WWD. Subscribe Today.