Micro-video streaming platforms like TikTok have redesigned how brands find customers. According to Forbes, livestream shopping is projected to bring in $480 billion in China and $11 billion in the U.S. this year. Stagnant ads are simply not enough to drive conversions anymore, which is why many e-commerce platforms have turned to video marketing.
One startup helping companies jump on this new marketing method is Firework, a livestream commerce and digital transformation platform that just raised $150 million in a Series B round led by SoftBank Vision Fund 2.
Firework uses live streaming and short videos to drive online conversions for e-commerce brands. Its creator studio allows companies to create their own shoppable videos that make it easy for customers to swipe and buy products online. Brands can also connect with millions of influencers through Firework to humanize, showcase and sell products via low latency streaming.
Firework partners with over 600 brands, helping them increase online sales. Some of the company’s most notable customers include Albertsons Companies, The Fresh Market and Omnicom Media Group.
“With this investment, our growth engine is firing on all cylinders,” Firework co-founder and CEO Vincent Yang said in a statement. “Our core technology and business model have already been proven in the market many times over, and with this capital to realize our vision, Firework can now focus most of our efforts on evolution and growth, in all its forms — growing our team, growing our user base and growing our technology, to ensure the Firework platform never loses step with the bleeding edge of next-generation customer experience.”
Firework plans to use its fresh funds for new hires in engineering, product and marketing in order to accelerate growth. Currently, the company is hiring for 34 roles across these departments with more likely to open up soon as its capital is put to use.
This latest round of capital brings the company’s total funding to over $235 million to date.
