So Wall, who was never slow to change course when things weren’t working–after six months of being unhappy at a private equity firm he took a leave of absence to start his own company–adjusted. Consumers bought from Groupon, which was scaling up just as Postabon started, because the offers that would turn up in their inbox seemed like bargains. Instead, the Indianapolis-native discovered, discount deals were impulse buys. (If they did, they could have paid only $12 for $25 worth of food at Williamsburg’s Caracas Arepa Bar.) People just didn’t look for bargains before leaving to grab Venezuelan cuisine with friends. Wall, who started the company months after graduating from Harvard Business School, discovered that even with 5,000 deals in the New York area, few people went online for discounts before going out to shop. Mashable called the website “a terrific idea.” CBS praised it for pinpointing “exact sales on exactly what you need in your neighborhood.” The year after the company was founded, Spark Capital, Google Ventures and others invested about $1 million.īut the “love child of Foursquare and Groupon,” as VentureBeat termed the business, was never meant to be.
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Residents found and posted bargains: free haircuts at Crops for Girls Salon on the Lower East Side, a 40% discount on Ralph Lauren togs in Soho, $1 off happy hour at Burp Castle in the East Village. Stuart Wall, the company’s cofounder, believed it was destined to work.
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