Retailcommon, a Toronto-based social shopping network, this week announced it has raised $2 million in Series A financing, according to a press reelase. The company, which developed a way for retailers to connect with their customers' mobile devices while they are actively shopping, also announced it will launch the Retailcommon services in the U.S. on Nov. 1, 2014. Further details on the U.S. rollout will be announced soon.

Retailcommon claims to be the first social shopping platform designed with retailers in mind. Using the Retailcommon platform, retailers can plan, execute and optimize advertising and promotional campaigns in real time.

"Retailcommon has been delivering results in Canada for three years, where we introduced this new concept to change the way retailers and consumers think about social shopping," Retailcommon CEO James Cunningham said in a statement. "Then we began selling and raising capital to strengthen the balance sheet in preparation for our next phase of growth. We are encouraged by the belief investors and customers have in the power of Retailcommon to transform retail business. The new capital, with the experience of our A-list team of investors and proven track record in Canada and Europe, gives us incredible fuel and flexibility to accelerate growth."