Project Slice Partners With Yahoo; Raises $9 Million in Capital
Project Slice aims to help consumers organize all of their electronic communications with retailers.
Despite the somewhat obscure idea, the year-old company is getting two big votes of confidence today: It has raised $9.4 million in venture capital, and it is rolling out a partnership with Yahoo Mail.
“We are making online shopping simpler by giving you one private and central location to keep track of all your orders from across the Web,” said Scott Brady, CEO of Project Slice.
In addition to aggregating e-commerce receipts, it will also let you quickly find receipts from physical retailers.
Brady said increasingly companies such as Apple, Patagonia and Nordstrom are experimenting with allowing customers who visit a store in person to receive their receipts by email.
“Most of the growth isn’t coming from e-commerce,” he said. “It’s coming from bricks and mortar retailers that are offering digital receipts. In the past 60 days, there’s been a wave of merchants, like Patagonia and Whole Foods, that are testing it. You can imagine what your inbox will look like.”
The company’s first round of capital was led by DCM and Lightspeed Venture Partners. Other investors include Michael Birch, Floodgate, Eric Schmidt’s Innovation Endeavors and Rick Thompson.
Initially, the service is being rolled out to Yahoo Mail as part of the latest version of the email application. The application called “All My Purchases” can be found in the side bar.
For now, the company is focused on getting consumers to adopt the product and then will figure out how to monetize it later. However, you can imagine that in the future having a database of spending habits could be valuable to the right advertisers.