One Block Off the Grid (1BOG) is proving that the Groupon model can be intelligently adapted. They have recently secured $5 million from the Groupon investors:
By serving as a matchmaker, 1BOG aims to demystify the complex solar installation process for buyers, and brings a hefty chunk of new business to the installers.
Dave Llorens, chief executive, says his group has become an effective intermediary between consumers and the installers, who have not standardised their rates and sales pitch.
Both Groupon and 1BOG are backed by New Enterprise Associates, a venture capital group that specialises in consumer internet and clean technology investments. NEA gave Groupon $4.8m in early 2008 and followed up last December with a $30m second round co-led by Accel Partners, one of the early investors in Facebook. Last week they gave 1BOG a $5m investment.
Ravi Viswanathan, a general partner at NEA, says his firm was bullish on group buying. “There’s a viral nature to it that can really drive adoption,” he says. “It’s a self-fulfilling prophecy … and the possibilities are endless.”
1BOG is already running pilot programmes to test the model for home retro-fitting, and conversions that turn Toyota Prius petrol-electric hybrids into plug-in electric vehicles.
Besides the detailed report in the Financial Times, there are also reports on Techcrunch and in the blog from 1BOG.
In particular for the coming months, the viral factor of this sales model should lend impetus to a group sales renaissance – let alone the progress made by Groupon.
Related posts:
- Groupon Obtains Additional $5 Million Capital
- Groupon Nabs A Healthy $30 Million
- The First European Groupon Copycats Hit The Market
Originally posted in German by Jochen Krisch, adapted for excitingcommerce.com by Jason Soo.
