In a battle of livestream commerce startups, two Los Angeles-area companies in the business secured funding this week.
Popshop Live said it raised a Series A, which TechCrunch pegged at $20 million, led by Benchmark. The new funding brings the company’s valuation to $100 million.
And Talkshoplive said it completed a $6 million seed extension funding round led by Raine Ventures, bringing its total financing to $10.5 million.
Both companies will use the money to grow their platforms, on which sellers promote and sell goods in live online videos — a 21st-century version of the Home Shopping Network.
“Livestream commerce is not just a trend in China and through the pandemic,” said Benchmark partner Matt Cohler, who will join Popshop Live’s board as part of the new funding. “It is an emerging multi-billion-dollar phenomenon whose growth is accelerating every day.”
Popshop Live said its shows gross upward of $500,000 and see nearly 80% of customers return to make a second purchase within 30 days. And Talkshoplive said its 2021 sales have grown on average 85% month over month, with first-quarter sales increasing more than 440% compared to the same time frame in 2020.
Here’s what else Los Angeles-area tech startups got up to this week:
Funding
- L.A.-based Magic Fund, an early-stage venture capital fund by founders for founders, has raised a $30 million Fund II.
- Los Angeles fin-tech startup Willa Inc. has raised an $18 million Series A round led by New York-based FinTech Collective to help get freelancers paid on time without the associated admin and hassle.
- Venice-based Repeat Inc. has secured a $6 million Series A led by Battery Ventures to help make reordering everyday items easier — and help brands give their customers faster, personalized reordering experiences and get deeper insights into how they use those products.
Accelerating
- On the heels of celebrating the graduation of its inaugural cohort of startups, the Long Beach Accelerator has kicked off its second class with five more companies: monthly subscription service 123 Baby Box, upcycler Closed Loop Plastics Inc., B2B wealth-tech enterprise platform FIV Holdings Inc., AI medical assistant Martixa and soil intelligence platform Sensegrass Inc.
