Postabon has the deals

07May10

If you’re looking for local deals you might want to check out a site called Postabon.  The VentureBeat guys called them the “love child of Foursquare and Groupon.”  Postabon is a location-based service that lets people tag and share deals they find while out shopping. Users upload store deals through the Postabon site or on their iPhone app.  Postabon also incorporates some of Foursquare’s gaming elements in that users earn “Karma points” for sharing deals and compete with other users for rewards.  Postabon is the brainchild of Stuart Wall and John Buchanan who came up with the venture for their Harvard Business School competition.  Wall said he got the idea for Postabon after hearing Joe Kennedy, founder of Pandora, speak at an event.

While the concept for Postabon started out in Boston, Wall and his team decided to launch in their start-up in New York.  “Our decision was based on what will this work the best in. Because NY is a walking city, it’s got a really high concentration of people and local retailers, it’s really best market for our concept,” says Wall. “If you can nail NY and get it working very well then expanding to other cities isn’t hard because you’ve proven the model.”  Postabon raised $1.5 million in VC funding  led by Spark Capital.   Postabon is aiming to build a community of users in New York  similar to  the Yelp model in San Francisco.  “We’d like to eventually take the best practices in New York and apply them to other cities once we’re comfortable that New York is working well, ” says Wall.

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