ShopShops, an interactive, global livestream shopping platform, announced a major finance milestone with its new $15 million Series B.
WHO: ShopShops is a global shopping app that mimics the fun of in-person shopping through the magic of livestream video. By enabling dynamic host sellers to grow a following based on their ability to curate and sell products they make or love, ShopShops is creating an exciting way for shoppers to browse and get inspired by interesting products and deals across fashion, beauty, food, and home. ShopShops hosts—in 30 countries around the world—have hosted shows with more than 750 partners. The company launched a beta app in the US in December 2020.
WHY: ShopShops has uniquely filled a gap not only for consumers looking to recreate the in-store shopping experience, but also for retailers and brands needing to adapt to shopper demand for remote browsing and buying options. The funding will be used to accelerate the expansion of ShopShops in the US as well as to continue its growth among premium cross-border shoppers in China.
IN THEIR OWN WORDS: “Since founding ShopShops, the vision has been to allow customers all over the world to shop global, like a local, from the palm of their hand,” said Liyia Wu, ShopShops founder and Global CEO. “I’m thrilled to have such amazing investment partners by our side as we embark on this next stage of growth.”
“ShopShops sits at the intersection of three of the most exciting trends LightShed is focused on: the explosion of the creator economy, the evolution of online video to live/interactive experiences and the accelerating shift of consumer spending toward e-commerce,” says Rich Greenfield, Partner at LightShed Ventures. “We believe ShopShops is uniquely positioned to capitalize on the global adoption of live streaming video shopping, leveraging their front row seat to what is now a $17 billion+ business in China."
Marco DeMeireles, partner at The Chernin Group (TCG) who led ShopShops' A round, explains: “The ShopShops model directly connects content to commerce through authentic communities purpose-built for live shopping. We’re proud to continue our work alongside Liyia and team as they enable creators and brands to scale their earnings and influence."
"When we first met Liyia, we were not only impressed by the formidable team she's assembled but also the technology platform itself," says Vishal Lugani, Partner at Acrew Capital. "ShopShops has the potential to capture the global live streaming shopping opportunity. We're excited to be onboard for the journey."
- ShopShops closed a $15 million Series B. The financing was co-led by LightShed Ventures and Acrew Capital and supported by existing investors Union Square Ventures, Forerunner Ventures, and TCG. Dave Lu from Hyphen Capital and Gaingels also participated in the round.
- This round brings total funding to date to $35.1 million.
- In July 2019 ShopShops closed a $14 million Series A round.
- In March 2018 the company landed a $6.1 million seed investment which included a $3.1 million round led by Forerunner Ventures and a $3 million extension round led by Union Square Ventures, with participation from Founder Collective, SV Angel, GGV Capital, Third Kind Venture Capital, and XRC Labs.
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