Wednesday, August 20, 2014
Inquirer Daily News

China millions back Conshy's Kynetic online retail: report

After backing founder Mike Rubin's Fanatics, is Alibaba ready to pump millions into ShopRunner?

China millions back Conshy's Kynetic online retail: report

A screen grab of ShopRunner.com
A screen grab of ShopRunner.com

Alibaba, China's version of eBay, has been discussing a $70 million investment in Michael Rubin's Conshohocken-based ShopRunner Inc., which helps retailers offer online sales services to compete with Amazon.com, the Wall St Journal reported here.

Alibaba, which is preparing to go public at a multibillion-dollar valuation, joined Singapore's Temasek national fund in raising $170 million for Kynetic's Fanatics pro and college sports gear marketing arm, which counts Comcast's NBC and rival networks among its partners, back in June, as I reported here.

Rubin sold his earlier publicly-traded online-sales company, GSI Commerce, to eBay for $2.5 billion in 2011, and made eBay his partner in ShopRunner, Fanatics and other businesses not included in the deal. 

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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