Avalon Ventures Backs LoopIt

San Diego-based venture investment fund Avalon Ventures has made a seed investment in a developer of a social shopping service, LoopIt, according to the companies. Size of the funding was not announced. LoopIt is based in Cambridge, Mass., and is a spinout of Redstar Ventures, a venture incubator firm in Cambridge. Avalon's Rich Levandov was involved in the investment. Avalon--once known for its investments in early stage wireless and life science companies--has recently reinvented itself with a number of Internet and social investments, most notably, social gaming firm Zynga, which had its IPO in 2011. More information »