NearbyNow, a service that allows users to search inventory of local stores via mobile, has raised a $11.75 million third round led by Norwest Ventures. Also participating was past backer Draper Fisher Jurvetson. The company previously raised $7.5 million, for a total raise of $19.25 million. In addition to offering a way of finding what store has what product, the company also promotes special shopping deals to its users, as well as providing specially branded “concierge” service, such as this one sponsored by CosmoGirl!.

With this funding, the Los Altos, CA-based company is partnering with shopping search engine TheFind to allow shoppers to reserve items that they discover. It’s also unveiling a new iPhone-targeted service (of course).

Among the competitors: NY-based GPShopper, which also offers a way to discover local retail inventory via mobile.

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