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
SAN FRANCISCO (PRWEB) April 26, 2021
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.
“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.
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.
For more information on Shop LIT Live visit shoplitlive.com.
The app is available on both iOS and Android smartphones.
ABOUT SHOP LIT LIVE
Shop LIT Live is a social media-powered shopping app and web platform bringing back the personal connection behind the consumer shopping experience. While in the midst of a global pandemic where the world has relied on virtual experiences to keep some remnants of a connection alive, the rise in online shopping comes as no surprise. And while the Internet has surely helped us stay on top of our shopping needs, in a way it has made us reminisce and miss the fun of window shopping with friends. Shop LIT Live is taking that nostalgia of walking around a store or the mall and making it virtual.
MORE ABOUT FOUNDER + CEO, TOBY ZHANG
From 2014 to 2020, Toby was a partner at CRCM Ventures, leading the firm’s investments in consumer and emerging technologies. At CRCM, Toby helped to grow the VC team from a team of 3 to a team of 28 across 4 offices, and, along with his partners, launched 4 early stage funds. During his tenure, his successful investments included Musical.ly (now TikTok), Ginkgo Bioworks, Firework, Wink, Itui, Drone Racing League, This is L, Agora.io (Nasdaq: API) and more.
In 2016 he was voted Forbes VC 30 under 30. Prior to CRCM, in 2014, Toby was a venture investor at Edison Partners, where he led investments in enterprise solutions. Prior to Edison, Toby led a cross-organizational development team at Microsoft that built the 1st generation Microsoft Surface and served as strategic advisor to the president of Server and Tools Business. Toby holds an MBA from The Wharton School at the University of Pennsylvania and a Master’s in Engineering from the University of Michigan at Ann Arbor.