Live-stream shopping platform Whatnot

On May 24, Firework, which allows brands to offer interactive live broadcasts, live commerce events, and shoppable films on their websites announced a US $150 million Series B fundraising round headed by SoftBank Vision Fund 2.

IDG Capital, Lightspeed Venture Partners, AMEX Ventures, and GSR Ventures have all contributed to this round of fundraising, bringing the total amount raised to around US $250 million. In March of last year, the company received US $55 million in Series A capital.

The cash raised will be used to hire engineers, product managers, and marketers and develop the company’s entire platform.

What the company has to say:

Firework India CEO Sunil Nair:

“SoftBank Investment Advisors brings years of experience in the D2C industry and extensive understanding and expertise.

Our united vision will drive Fireworks’ aim to influence the next generation of the internet and become the infrastructure on which the next generation of the internet is built and run.”

Firework Chief Revenue Officer, Jeff Lucas:

“This investment will boost growth across markets, especially in India.” We’ve established a solid platform and business strategy over the previous 24 months, and they’ve helped us achieve client success. The funds will not only enable us to continue generating these success stories. Still, they will also ensure that Firework as a platform remains at the forefront of next-generation customer experience.”

What the investors have to say:

Linda Yu, partner at SoftBank Investment Advisers:

“Short films and live streaming have become the digital era’s default language, altering how customers interact with brands and products online. We believe Firework enables businesses to employ video to transform their websites into social and storytelling centers, allowing them to develop deeper, long-term consumer relationships. Vincent and Jerry have put together an amazing digital commerce team, and we’re excited to work with them to create a next-generation customer experience.”

About the company:

Firework was founded in 2017 by Vincent Yang and Jerry Luk as a consumer-focused short video network emphasizing quality 30-second user-generated video content made by a mix of professional and up-and-coming creators.

In 2018, it switched to a business-to-business strategy, allowing publishers to display these short movies on their websites or applications to capitalize on the global increase in quick video consumption.

Over the years, it has produced solutions with monetization capabilities, such as shoppable video and live streaming commerce, allowing retailers, consumer brands, and publishers to provide interactive video experiences on their owned and operated digital properties or apps.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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