New investment to help accelerate the company’s growth in U.S. and China
ShopShops, an interactive, global livestream shopping platform, announces today a major finance milestone with its new $15M, Series B. The financing was co-led by LightShed Ventures and Acrew Capital and supported by existing investors Union Square Ventures, Forerunner Ventures and The Chernin Group (TCG). Dave Lu from Hyphen Capital and Gaingels also participated in the round. The funding will be used to accelerate the expansion of ShopShops in the U.S. as well as to continue its growth among premium cross-border shoppers in China.
Since 2018, the ShopShops mobile app has given shoppers in China access to a best-in-class marketplace of well-known prestige brands, emerging designers and vintage retailers hailing from 30 cities around the world. In December of 2020, ShopShops leveraged its app, brand partnerships and learnings to launch a beta for U.S. shoppers. Early traction from the launch, paired with an increase in U.S. shopper demand for live shopping content, led the company to double down its growth efforts on the U.S. market.
“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.”
The ShopShops Experience
ShopShops’ host sellers – content creators with a passion for fashion, beauty and lifestyle shopping and products – use the ShopShops mobile app to bring shoppers in the U.S. and China into brick-and-mortar stores across the globe, providing an interactive live shopping experience. Host sellers are able to mimic the fun of in-person shopping and discovery by curating livestream events that harness the magic of interactive live stream video and allow the shopper to engage in conversation with their hosts – and other shoppers on the stream – around fit, styling, or other real time questions that add to the experience. The result is a uniquely digital and social *treasure hunt* where shoppers can discover the world’s best designer deals, vintage finds, local boutiques and artisan makers all over the world – all from the comfort of their couch.
With the impact of COVID-19 on the retail industry, 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. Designers like Rebecca Minkoff have been vocal about the fact that revenue generated for them by ShopShops hosts was a lifeline for their retail stores over the last year. As brands and retailers around the world adjust to the new normal post-COVID, they are looking to ShopShops as a no-risk, yet scalable distribution and marketing channel, that delivers shoppers a more engaging, entertaining and useful shopping experience than even the best e-commerce websites.
The Next Wave of Commerce
“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.”
ShopShops hosts have hosted shows with over 750 fashion, beauty, lifestyle, and food brands, including Marni, Theory, Zadig & Voltaire, Jeff Staple, and more. ShopShops currently has 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.
Powering the Next Generation of Influencers
As content creators seek new ways to monetize their skills and influence, ShopShops provides a scalable channel with built in shopper demand. As social platforms historically built around an advertising model work to add tools to help creators monetize their content, ShopShops was built with the content creators at the center of its business model. The mobile app rewards those with great taste and curation abilities, enabling stylists and fashion lovers to monetize their love of product and shopping.
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.”
Global Team, Global Dream
“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.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.