SocialChat Raises $6.2 Million to Launch eCommerce Customer Engagement and Revenue Platform Led by Race Capital and Gradient Ventures
SocialChat, the social commerce platform, today announced $6M in seed funding, led by Race Capital and Gradient Ventures with participation from Kevin Lin, co-founder of Twitch, Tony Zhao, founder of Agora.io, Ran Makavy, former Chief Product Officer at Lyft, Alanna Gregory, Global Head of Engagement at AfterPay, Jack Xie, VP of Engineering at Wish, and more. This funding will allow the platform to focus on expanding its product offerings .
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“Her deep unique understanding in eCommerce, growth, Gen Z and Gen A behavior will make SocialChat the most powerful platform for the future of commerce.”
One of the biggest pain points in eCommerce is converting social engagement to real revenue and user acquisition. SocialChat brings the brick-and-mortar retail experience to the digital realm, and gives consumers a personalized shopping experience with AI-powered product suggestions and recommendations. Consumers are able to purchase and transact during the events, driving live conversion for the brands.
While brands spend millions of dollars acquiring engagement on social media platforms, they remain in the dark about the users’ personas. SocialChat enables brands to gain deep understanding of consumer shopping behaviors and empowers actionable insights powered by machine learning.
According to a recent market study published by Grand View Research, the global social commerce market size is expected to reach $3.4 trillion by 2028. It is anticipated to expand at a CAGR of 28.4% from 2021 to 2028.
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“When I was Head of Growth at Wish, we would spend million of dollars hiring state-of-the-art machine learning engineers to convert social engagement into real revenue, the impact on gaining full control of our brand and owning our audience was mission critical.” said Frost Li, founder and CEO of SocialChat, “The idea of SocialChat was born knowing it is crucial not only for Wish, but for all eCommerce companies I advised. With SocialChat, I want to enable brands to have the same level of community engagement, audience ownership and revenue conversion without having to build out a massive engineering team and spending years on polishing the models.”
HTC selected SocialChat as the platform of choice to drive eCommerce engagement and revenue management. “I love that SocialChat can enable HTC to interact with our customers in real time.” said Cher Wang, Chairwoman and CEO of HTC Corporation.
“I believe Frost and her team will radically transform how social shopping will be done”, said Edith Yeung, Partner at Race Capital.“Her deep unique understanding in eCommerce, growth, Gen Z and Gen A behavior will make SocialChat the most powerful platform for the future of commerce.”
“COVID-19 has driven a huge growth in social shopping worldwide.” said Wen-Wen Lam, Partner at Gradient Ventures. “This is a golden opportunity for Social Chat to change the face of online shopping. Frost has successfully done this at Wish and Pinterest before and is well positioned to capture significant market share in a quickly evolving landscape”
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