Yipit’s profile has always been rosy and even if they don’t get the kind of exposure that’s lavished on Foursquare, these guys have gone national. A while back, NY Tech Blog described Yipit as:
“Vinicius Vacanti begins the rather lengthy piece by admitting that when he and his partner Jim Moran quit their Wall Street finance jobs for an adventure into the unknown, they had no prior experience. However, the rather detailed list shows exactly what made Yipit succeed on its own terms. Here are a few choice cuts.”
Since the above was written ages ago (just several months actually) a bit of context is due. Vacanti was blogging about the startup journey he and his co-founder endured after leaving cushy jobs.
So nationally, Yipit are doing great business. But thanks to lotsa cash from Highland Capital, IA Ventures, and DFJ Gotham, they’re on the warpath as well—to take on Groupon!
In fact, here’s a glimpse of a recent blog post of theirs (Jim Moran to e specific) that explained Groupon’s flaws on the eve of a much publicized IPO:
“While no one has ever doubted Groupon’s impressive topline growth – the question has always been around the defensibility of a business that has so few barriers to entry.
In its long awaited S-1, it’s clear that Groupon has impressive topline growth. However, when looking at it’s oldest markets, it appears that their business model is deteriorating.”