ShopShops, an interactive livestream shopping platform, announced $15 million in Series B funding. 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.”