The company raised $3 Million in funding to create a platform that combines social media, e-commerce and entertainment to help retailers build an online community and grow their sales
LOS ANGELES--(BUSINESS WIRE)--Popshop Live, a livestreaming shopping app at the intersection of social, e-commerce and entertainment, announced today that it has raised $3 million in funding, bringing the total amount raised to $4.5 million. The investment will go toward hiring, building new features, developing live content and onboarding new sellers in preparation for the company’s upcoming public launch. The round was led by Floodgate and Abstract Ventures, with participation from Long Journey Ventures, Cyan and Scott Banister, Shrug Capital, Backend Capital and Halogen Ventures.
Founded by Danielle Li, Popshop Live’s mission is to empower and inspire users to expand their identity, experience and community reach with all the tools needed to plan and execute a live show. With Popshop Live, sellers can create and host their own shopping channel on the platform and sell products of all kinds, from traditional products like skincare and fitness products to more niche items like vintage clothing, crystals, collectibles, slime and much more, directly to a national audience in real-time. From independently owned small businesses, to large multi-brand retailers and influencers, Popshop Live helps businesses of all sizes grow their revenue and reach.
In the wake of COVID-19, the current retail landscape has been forced to evolve quickly and create new ways to inspire and connect with shoppers. Unlike existing platforms, Popshop Live curates interactive shows that engage shoppers, creating a true community while generating sales. Popshop Live is paving the way for a new retail format built to grow in a pandemic and post-pandemic world. The company is helping sellers stay connected with their communities and continue selling while their brick and mortar locations remain closed or slowly open back up to the public.
“Like everyone else, we had to close our store due to COVID-19, and Popshop Live has helped us stay connected with new and longtime customers in ways we didn’t know were possible,” said Jamie Rivadeneira, Owner of Japan LA. “What I love most about our Popshop Live shows is that, with the live videos and interactive features, I’m able to respond to customers’ requests in real-time, such as adding any products that the audience sees in the show on the fly. I also love that I’m able to bring the same energy as helping customers in person, but to hundreds of people at once. During my first show, I had intended to go live for an hour but ended up doing a five hour show because of the fantastic feedback from my community. That day, we generated more sales than my existing online and offline channels combined on a typical busy Saturday pre-COVID and we have grown significantly on the platform in just a few months. I’ve seen the power of livestream shopping first hand and expect the future of my business to rely heavily on Popshop Live shows. We’re even thinking about setting up a dedicated space for our Popshop Live show productions.”
Unlike other livestreaming platforms that have lengthy manual setup processes and little to no quantifiable metrics, Popshop Live is easy to use and helps sellers quickly scale their businesses. Sellers on the platform are equipped with a first-of-its-kind playbook to help them grow organically and sustainably and ensure they have tools they need for success. Tools include real-time inventory management, gamified features and engaging show templates, real-time performance stats, detailed metrics reports, real-time analytical insights and support to help navigate the new world of livestreaming retail.
“The best brands today provide multi-touch shopping experiences and most have a media component with a tribe-like following,” said Danielle Li, founder and CEO of Popshop Live. “The brands that will stand out in the future will offer their customers experiences beyond products and content, mainly emotional connections and a sense of community. Our vision is to empower the next generation of sellers with the tools needed to provide this to their followers. Shopping will soon be the outcome and physical manifestation of the experience.”
“Consumers have evolved beyond scroll and click online product feeds and are hungry for more experiential online shopping and Popshop Live is the first product that fully delivers,” said Ann Miura-Ko, co-founding partner at Floodgate, a seed stage venture capital firm that has backed companies like Lyft, Twitch and Twitter. “Danielle and the Popshop Live team have created the best consumer shopping experience at a time when community and virtual connectedness are needed more than ever.”
“Popshop Live is ridiculously fun. I was hooked the first time I tried it as a shopper and couldn’t wait to start my own show,” said Cyan Banister, partner at Long Journey Ventures. “In five shows I generated $5K for charities by selling things from my personal collections. I know this is the future of retail and the team behind Popshop Live is incredible. They genuinely care about businesses and their customers.”
The Popshop Live app is currently invite only and available for iOS and web with plans to launch to the public this summer.
About Popshop Live
Popshop Live is a livestreaming shopping app at the intersection of social, e-commerce and entertainment. Founded by Danielle Li, Popshop Live’s mission is to empower and inspire creators and sellers to expand their identity, experience and community reach within a self-sufficient platform. Sellers are equipped with the tools needed to tell their stories and build a dedicated following, while providing customers with an engaging and entertaining shopping experience. Unlike other platforms, Popshop Live curates exciting and interactive shows that engage shoppers, creating a true community and generating sales. For more information, visit www.popshop.live.
Moxie Communications Group