The livestream shopping platform startup Buywith completed a $9.5 million seed round led by IgniteXL Ventures, a Silicon Valley-based global fund with a special focus on technology-driven beauty and wellness investment.
WHO: Buywith was founded in 2018 by Adi Ronen Almagor and Eyal Sinai in Tel Aviv. The livestreaming platform's fast and easy-to-implement integration, patent-pending technology, and an engaging, interactive, and guided shopping experience until now has only been experienced in physical retail stores. Retailers and brands use the Buywith platform to host on-site livestream shopping events featuring influencers, experts, and brand representatives. An unlimited number of viewers can shop live and interact with the hosts and brand. Unlike other livestream shopping solutions, Buywith does not require app downloads or code integration, and creates a turnkey "Shop With Me" experience.
The platform is launching a self-serve marketplace where brands can select the host for their livestream shopping sessions directly from Buywith's growing community of vetted content creators. This is another unique selling point that enables brands to easily scale their livestream shopping campaigns with influencer-led sessions.
WHY: The company will use the investment to meet surging customer demand and grow its sales, marketing, and R&D teams across the globe, focusing on North America.
IN THEIR OWN WORDS: "As one of the first brands to use Buywith's Livestream Shopping Platform, we are extremely proud to be an industry leader in this field," says Alexandra Perry, Head of Retail Marketing, Omnichannel, and Innovation at The Estée Lauder Companies Inc. ״Our makeup artists and social media influencers conducted dozens of live shopping sessions. By utilizing the technology, we achieved very high sales conversion and engagement rates. We also engaged with our audience in a unique way.״
"Given the explosion of Livestream shopping in Asia, we are about to witness the rapid growth of this channel in the West. Unlike other Livestream shopping solutions, Buywith hosts Live shopping sessions directly on the brand's website, meeting the customers where they are and increasing the conversion rate to unprecedented levels in eCommerce," said Claire Chang, General Partner at IgniteXL Ventures.
"Live commerce is a key to increasing eCommerce conversion rates. Approximately 30% of shoppers walk out of a physical retailer having bought something, while today's eCommerce results in ~4% conversion rates globally. buywith aims to close this gap," said John Caplan, Alibaba.com's former President of North America and Europe, who participated in the round.
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