It was 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 company said in a press release.
Since 2018, the ShopShops mobile app has given shoppers in China access to a marketplace of brands, emerging designers and vintage retailers hailing from 30 cities around the world. In December 2020, ShopShops leveraged its app, brand partnerships and learnings to launch a beta for US shoppers. Early traction from the launch, paired with an increase in US shopper demand for live shopping content, led the company to double down its growth efforts on the US 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.”
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 US and China into brick-and-mortar stores across the globe, providing an interactive live shopping experience.
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, the release said.
“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 towards e-commerce,” said Rich Greenfield, partner at LightShed Ventures. “We believe ShopShops is uniquely positioned to capitalise on the global adoption of live streaming video shopping, leveraging their front row seat to what is now a $17 billion+ business in China."
As content creators seek new ways to monetise their skills and influence, ShopShops provides a scalable channel with built in shopper demand.
ALCHEMPro News Desk (KD)
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