Local E-commerce Platform Shopcastr Announces $1 Million Round of Financing, Plans to Expand to New Cities.

(From Canada Newswire)

Byline: Terrell Brown

TORONTO, July 9, 2012 /CNW/ - Shopcastr, a social marketplace for local retailers and shoppers, announced today that it has closed a $1 million round of financing from a group of investors including Mantella Venture Partners (MVP), Salim Teja, David Anderson, James Hou, David Austin, BNOTIONS and the MaRS Investment Accelerator Fund. This new investment follows an initial seed investment received from MVP and friends and family last year.

Shopcastr gives local retailers something they have not had - an online platform designed to increase foot traffic into their shops as well as a hassle-free way to sell their products online.

"Increased competition from online stores …