Finnish company DealDash attracts million dollar investment

DealDash combines social gaming with social shopping, with customers competing against each other for the best deal.

The Finnish company DealDash, which runs a “gamified shopping site” with 250,000 customers in the United States, has completed a USD 1 million investment round, according to an interview with the company’s founder and CEO William Wolfram on the Arctic Startups website. The investors include Spintop Ventures, David Friend, Finnvera Venture Capital, Juhani Halttunen and Teemu Aho.

On the DealDash website customers can participate in an auction and follow the bids in real time. According to Wolfram, the service differs from traditional “penny auctions” by making it possible for a bidder who has lost an auction to buy an identical product from DealDash at a normal, non-discounted price and get a full refund on all credits lost while bidding.

DealDash employs nine permanent and 11 part-time staff. In addition to Finland, the company has offices in Silicon Valley and Manhattan. According to Wolfram, the capital injection will be invested in growth and hiring new employees.

Arctic Startup, founded in 2007, is the biggest technology website reviewing and reporting on technology startups and growth entrepreneurship from the Nordic and Baltic countries.