Magnetify Launches Social Shopping App, Raises $1.675MM , Expands Round

Magnetify Corporation has developed Shmying, a socially-integrated mobile app that manages shopping lists and coupons. Free to users, the innovative platform generates revenue from the redemption of digitized coupons, and subscription fees paid by brands and retailers to access consumer behavior reports.

The first app of its kind, Shmying has the potential to corner the market on couponing and social shopping. Shmying engages customers and creates loyalty to the platform and brands. It also provides retailers unprecedented insight into the behaviors and habits of their target customers – an invaluable service that makes shopping more intuitive, personalized, and convenient.The team also plans to incorporate a social media consulting model, where brands and retailers pay on a fee basis for access to Shmying-sourced social media moms and influencers

With 1.675 million raised to date, the developed app is available in the Apple App store. Magnetify is seeking additional funds to build consumer awareness and expand revenue channels.