Shopping portal startup Mall Networks raises $7 million

Mall Networks Inc., a developer of private label online shopping portals, has raised a $7 million Series B round led by new investors Dace Ventures. Existing backers Flybridge Ventures, Venture Capital Fund of New England and LBO Enteprises also participated.

Founded in 2005, the company offers loyalty programs for online and brick-and-mortar stores. The company announced an earlier funding round of undisclosed size in October 2006.

As part of the deal, Dace Ventures partner John Chait joined Mall Networks' board. -- Olaf de Senerpont Domis

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