California based start-up Newness has secured USD 3.5 million in seed funding round on 26th of February, 2021 led by Sequoia.
Investors: The capitalization of USD 3.5 million funds took place in the seed round led by Sequoia along with participation from previous investors like Twitch and YouTube.
What the funding is for: The freshly acquired funding would be utilized for their Twitch for beauty streamers. According to reports the company is also aiming to expand their reach globally.
Founder of the company: Jenny Qian
About the company: Newness is a privately held organization which operates under the healthcare industry. Its headquarters is established in San Francisco, California and has a work strength of around 51-200 employees. They also deal with various specialties like beauty, makeup designs and facilities.
What the CEO has to say: “I was so used to the format from Twitch. And in some ways, I feel like I was spoiled with live streaming. Being able to hang out with streamers, ask questions and learn from them was something that made the live format so compelling. It made me scratch my head and think why did not something like this exist for the beauty community. It is a community that is just as passionate if not more so and it is a content category that is so incredibly popular.” — Jenny Qian
“When creators go live, Newness will pair them with an in-house moderator to help them feel more comfortable and to keep the content flowing. Once they are a more established streamer, Newness will work with the creator to locate and elevate a moderator from their own fan community to help out with future streams. With Newness the goal is to create a sort of anti-twitch. It aspires to be a wholesome, positivity community for beauty creators and fans where moderation is a key focus and fans get rewarded for quality participation and not trolling”.
What the investors have to say: “We handpick the creators that we let on to our platform and keep it invite only because we want to make sure that our earliest creators are helping to set the tone and building the culture of the community. The start-up wants to ensure there are enough community members to sustain itself while also not allowing the community to become toxic as it scales. They really care about cultivating an incredibly wholesome community. So, for us safety, moderation is all that is really important to us.” — General Manager at Sequoia.
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