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ShopIt that integrates social network with ecommerce sites to enable users of a social network to make purchases online has managed to bag in one third of the $7 million it had planned to raise. The amount totals to $2.5 million and the second round included the Emerson Ventures and Propulsion Ventures.

The funding would be used to boost business and improve the advertising division with more hiring in various departments. The service hits out success as it targets its business using the highly popular social networks.

What it does is entice sellers with a larger market to sell their product. Users can simply create an account and place a list of things they would like to sell. Once that is done, users can then have this list on their social network profile by embedding it. From there on, any purchase that is being made is handled by ShopIt, easing out the process for sellers.

The funding would definitely be the much needed push in such discouraging times when investors fear taking anything close to a risk. CEO Matt Hill shared his thoughts, saying:

In turbulent economic times, we are very pleased to have this backing from our investors, as it will enable us to continue our leadership in this exciting space. This new funding will carry the company well into 2010, despite our plans to be profitable in mid-2009