Needle Gets $10.5M

Salt Lake City-based Needle, the developer of e-commerce software used to help link fans and experts on brands with shoppers, said Monday that it has raised $10.5M in a Series B funding round. The round was co-led by Shasta Ventures and Rembrandt Venture Partners. The company, which is headed by Morgan Lynch, said that Jim Barnett of Shasta and Douglas Schrier from Rembrant will join the company's board with the funding. Needle's service helps provide online shoppers with advice from fans of a product or other experts, which helps increase sales conversions for those brands. More information »