You wouldn’t be amiss of you considered hot Dallas startup Joinem to be the priceline.com of retail goods. What’s even better is that former Priceline CEO Richard Braddock has backed the social, group buying startup with $1 million dollars and sits as the company’s Executive Chairman.
Now the Dallas Morning News reports that Joinem, led by CEO Darren Waxman has raised $5 million dollars. With that the company has also launched a public site.
Joinem is basically reverse group buying powered by social interactions. Products trend on the Joinem website and users can join a group that will buy the product at a discount of a t least 25% off the lowest online price. This way the power of the group drives the price down. No one gets hurt because the group forms before the transaction takes place and parameters are established in essence closing the group once the sale is made.
“Consumers are effectively creating group orders over our platform,” Waxman told the Dallas Morning News.
Waxman says they are merging e-commerce and the daily deal fueled by social. Joinem will find buyers through social channels and also allows users to share their deals via their social media channels so that others may join the buying group.
Joinem is able to lock in large volume orders at good prices for their users.
“At the end of the day, we’re using the same volume band to drive the pricing down,” Waxman said. “Because of the efficiency of the platform, savings are passed onto the consumers.”.
Joinem’s Executive Chairman is no stranger to changing the pricing paradigm. As a former CEO of Priceline.com he is familiar with radical changes in the way people and companies do business.
“Similar to Priceline, Joinem offers a new digital buying and selling paradigm which, I predict, will lead the social commerce retail space,” Braddock said in a statement.
The company plans to stay in Dallas.