Livestream Shopping Platform Announces Major Finance Milestone
Social media-powered shopping app Shop LIT Live closed a $6 million total seed round of funding led by CRCM Ventures, with Marubeni Ventures, Colopl, Inventures, and other notable investors being added to the roster.
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“Our vision is to bring the joy of window shopping in its truest form to the digital-centric consumers today through our interactive live shopping platform. We are honored to have trusted investors who believe in our vision to join us on this exciting journey. With the injection of fresh capital, we look to bring more innovative offerings and growth with our brand partners, creative network, and community of shoppers,” said Toby Zhang, CEO of Shop LIT Live.
Toby was previously a partner at CRCM Ventures for six years, focusing on investments in consumer and emerging technologies, solidifying his role as a trusted leader in the consumer technology industry. CRCM Ventures has honored such trust and shown support for Zhang and his shopping app launch with its investment into Shop LIT Live.
After watching the widespread success of livestream trends in China, Zhang was inspired to bring the opportunity to consumers and brands here in the US. It was perfect timing, as the app launched during the pandemic, a time when both brands and consumers were still adjusting to a world where in person shopping experiences were not an option. The platform launched on both iOS and Android last fall, and has seen enormous growth in both brand partnerships (200+ brands) and to its user base (growing 80% month-to-month).
Shop LIT Live has gained popularity as the live stream shopping platform that provides users with both an immersive and seamless experience. Users can participate in live events, interact directly with brands and creators and purchase products directly in the app, enjoying all the fun of in-person shopping without any of the hassle.
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Brands value Shop LIT Live as a new way to connect with their consumers. Lifestyle brands, especially in the fashion and beauty sectors, have been drawn to this new social commerce platform. By directly engaging with consumers, live shopping allows brands to build trust and increase sales conversion much more easily than other channels.
Creators have also taken interest in the app as a new way to connect with their fans and to partner with their favorite brands. The platform provides an opportunity for creators to shine through their content as show hosts and brand ambassadors. In addition, Shop LIT Live offers a comprehensive creator’s program to support the creators on the platform, helping them grow their fanbase and monetize their content.