ShopShops, a Global Live-Shopping Platform, Announces $ 15 Million Series B
NEW YORK–(COMMERCIAL THREAD) – ShopShops, an interactive global live-shopping platform, today announces a major financial milestone with its new $ 15 million Series B. The funding was co-led by LightShed Ventures and Acrew Capital and backed by existing investors Union Square Ventures, Forerunner Ventures and The Chernin Group (TCG). Dave Lu of Hyphen Capital and Gaingels also participated in the round. The funding will be used to accelerate the expansion of ShopShops in the United States as well as further growth among high-end cross-border shoppers in China.
Since 2018, the ShopShops mobile app has been providing Chinese shoppers with access to a premier marketplace made up of well-known premium brands, emerging designers and vintage retailers from 30 cities around the world. In December 2020, ShopShops leveraged its app, brand partnerships, and learnings to launch a beta for U.S. shoppers. The early traction of the launch, coupled with an increase in demand from US buyers for live-shopping content, has led the company to redouble its growth efforts in the US market.
“Since the founding of ShopShops, the vision has been to enable customers around the world to shop worldwide, like a local, at their fingertips,” said Liyia Wu, Founder and Global CEO of ShopShops. “I am delighted to have such incredible investment partners by our side as we embark on this next stage of growth. ”
The ShopShops experience
ShopShop Host Sellers – content creators passionate about shopping and fashion, beauty and lifestyle products – use the ShopShops mobile app to bring shoppers in the United States and China to physical stores across the country. worldwide, providing a live interactive shopping experience. Host sellers are able to emulate the fun of in-person shopping and discovery by hosting live streaming events that harness the magic of interactive live video and allow the buyer to engage in conversation with their customers. hosts – and other buyers on the flow – around form, style, or other real-time matters that add to the experience. The result is a unique digital and social * scavenger hunt * where shoppers can browse the world’s best designer deals, vintage finds, local boutiques, and artisans from around the world, all from the comfort of their sofa.
With the impact of COVID-19 on the retail industry, ShopShops has filled a gap not only for consumers looking to recreate the in-store shopping experience, but also for retailers and brands that need to adapt to buyers’ demand for navigation and remote shopping options. . Designers like Rebecca Minkoff have expressed that the revenue generated for them by ShopShop hosts has been a lifeline for their retail stores over the past year. As brands and retailers around the world adapt to the new post-COVID standard, they see ShopShops as a risk-free, yet scalable, distribution and marketing channel that provides shoppers with a more engaging shopping experience, entertaining and useful than even the best ecommerce sites.
The next wave of commerce
“ShopShops sits at the intersection of three of the most exciting trends LightShed focuses on: the exploding designer economy, the evolution of online video to live / interactive experiences, and accelerated change. from consumer spending to 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 # 1 seat for what is now a more than $ 17 billion business in China. ”
ShopShop hosts hosted shows with over 750 fashion, beauty, lifestyle and food brands including Marni, Theory, Zadig & Voltaire, Jeff Staple, and more. ShopShops currently host over 30 daily ‘in-store’ live shopping events – ranging from Hermes bags for sale to a live event with a host opening real fresh oysters containing pearls starting at $ 20.
Fueling the next generation of influencers
As content creators seek new ways to monetize their skills and influence, ShopShops provide a scalable channel with integrated buyer demand. While social platforms historically built around an advertising model work to add tools to help creators monetize their content, ShopShops was built with content creators at the center of its business model. The mobile app rewards those with great taste and curation abilities, allowing stylists and fashion lovers to monetize their love of product and shopping.
Marco DeMeireles, partner of The Chernin Group (TCG) who ran ShopShops A, explains: “The ShopShops model directly connects content to commerce through authentic communities specifically designed for live shopping. We are proud to continue our work alongside Liyia and her team as they empower creators and brands to increase their revenue and influence. ”
World team, world dream
“When we first met Liyia, we were not only impressed with the great team she put together, but also the technology platform itself,” said Vishal Lugani, Partner at Acrew Capital. “ShopShops has the potential to seize the worldwide direct shopping opportunity. We are delighted to be on board for the journey.”
ABOUT THE BOUTIQUES
Download the app here
ShopShops is a global shopping app that mimics the fun of in-person shopping through the magic of live video. By enabling dynamic host sellers to develop an following based on their ability to curate and sell products they make or love, ShopShops creates an exciting way for shoppers to browse and be inspired by interesting products and offers. in the fields of fashion, beauty, food and home.
ShopShop hosts – in 30 countries around the world – hosted shows with more than 750 partners, including brands like Marni, Theory, Zac Posen, Everlane, Jimmy Choo and Rag and Bone. ShopShop Hosts take shoppers to iconic stores, sample sales, trade markets and more through live interactive events that allow customers to ask real-time questions about product fit, material , color and more.