The company has already closed a total $3.6 million, including the Pre-Series funding from Anthill Ventures, ViNners, Sana Ventures, SOSV and Duane Park
Social commerce platform Woovly is in talks with investors to raise $10 million as part of their Series-A funding. It had already secured a $3.6 million investment led by Anthill Ventures, ViNners and Sana Ventures, amongst others. Of the $10 million, Woovly has already received partial commitment from marquee investors such as Anthill Ventures and others. Since the launch of the social commerce platform, Woovly has seen 400% growth year-on-year, Venkat J, CEO and co-founder, Woovly said. “This has resulted in $2 million ARR (Accounting Rate of Return) within six months of our commerce launch and is growing at 30% month-on-month. This boosted our investors’ confidence in the business model and the team. Our vision is to enable the next 50 million short-form content creators to make money that is their largest challenge today,” he added.
Woovly’s social media feature allows users to upload short video contents and visuals of the branded products with reviews and recommendations for other users to discover and shop on the platform – giving a real-time word-of-the-mouth marketing feature on the platform. The app’s built-in e-commerce functionality allows users to purchase items straight from Woovly’s official online brand stores. Woovly has collaborations with a variety of direct-to-consumer (D2C) companies in the lifestyle products category that include global popular brands along with niche and indigenous brands. The unique product design of Woovly is a value-proposition for the brands as it creates an omnichannel for them to reach targeted consumers online. These unique product features positively impact the purchasing decisions of the users. “We’re excited about the future of Woovly because as an emerging market leader and category creator in video commerce, Woovly has found a sweet spot in terms of demand, supply, and pricing metrics.
All stakeholders derive a unique value proposition in Woovly’s ecosystem. Product users and influencers get incentivised to share authentic product videos. Potential buyers get a clutter-free experience helping them navigate the vast D2C ecosystem. While, brands have found a high conversion sales channel. The speed of execution of this team and intense metrics-driven approach separates Woovly from other market competitors as reflected by high product AOVs, high repeat users and stickiness (high M6) on the platform,” Kabir Kochhar, partner, Anthill Ventures, said.