Berlin-based live shopping startup LIVEBUY has announced the successful closing of a US $5.6 million seed funding round. The round is led by RTP Global and is further supported by other renowned business angels, including Scott Chacon (Github Co-Founder), Mavericks Founders and former Sony Music CEO Philip Ginthör. LIVEBUY’s funds will be used to further develop the fledgling start-up’s software offering, expand the scope of the services it offers to customers, and for expansion across other European markets.
LIVEBUY is an enabler for brands and retailers to operate their own live video shopping platforms and integrate them directly into their websites and online marketplaces. A pioneer of live video shopping in Europe, the video commerce startup has built up a renowned customer portfolio in the short time since its founding in August 2020. Several European market leaders, such as the international beauty company Douglas, the industry leader in electronics retail MediaMarktSaturn and the consumer goods giant Lidl, already rely on the Berlin-based company’s software. Celebrities like Kylie Jenner, Miranda Kerr and Jessica Alba are also amongst the early adopters of the LIVEBUY Creator App.
Shopping from livestreams has developed into a billion-dollar market in Asia. The ecosystem there now includes over 150 live shopping platforms with tens of thousands of content creators. According to a McKinsey report from earlier this year, following the launch of Alibaba’s Taobao in 2016, “the value of China’s live-commerce market grew at a compound annual growth rate of more than 280 percent between 2017 and 2020, … and Chinese sales are expected to reach US $423 billion by 2022.” LIVEBUY plans to use the US $5.6 million seed funding to further invest into the software and double down on its many-to-many multi-creator platform tech proposition.
Alex von Harsdorf, CEO and Co-Founder of LIVEBUY, said: “It’s been an incredible first year for LIVEBUY, as we gained strong momentum from the get-go. For the next stage we aim to put Creators on the center stage of shoppable live streams as we believe that whoever wins the hearts of the best Live Video Shopping Creators, will win this market. We are delighted to have secured such a prestigious partner as RTP Global, who brings years of experience in e-commerce and media, as well as an international perspective.”
Galina Chifina, Partner at RTP Global, added: “We are huge believers in the next generation of e-commerce enablers and see an exciting future in live shopping, particularly in the European market. The team at LIVEBUY is brimming with industry experience, innovative ideas, and fervent ambition. We are very proud to be on board right at the start of the journey.”
Share