The app that allows shopping using social media Shop LIT Live has raised $6 million in a seed round led by CRCM Ventures, Marubeni Ventures, Colopl, Inventures, and other prominent investors the list of backers.
Toby Zhang, CEO of Shop LIT Live, said they aim to bring the joy of window shopping to today’s digital-centric consumers through their immersive live shopping platform. Toby is grateful for the support of trusted investors who believe in our vision and want to join us on this exciting adventure.
Toby spent six years as a partner at CRCM Ventures, concentrating on consumer and emerging technology acquisitions, solidifying his role as a trusted leader in the consumer technology industry. With its investment in Shop LIT Live, CRCM Ventures has demonstrated its faith in Zhang and his shopping app launch.
Zhang was motivated to introduce customers and brands in the United States after seeing Livestream trends in China. The app launched during the pandemic when both brands and customers were still getting used to a world where in-person shopping experiences were no longer a choice. Last fall, the app launched on both iOS and Android, and it has seen massive growth in both brand partnerships (200+) and user base (growing 80 percent month-to-month).
Shop LIT Live has grown in popularity as a live streaming shopping network that offers users an immersive and seamless shopping experience. Users can attend live events, connect with brands and developers directly in the app, and buy items instantly from the app, giving them all the excitement of in-person shopping without the hassle.
The app is seen as a fresh way for brands to communicate with their customers. This new social commerce platform has attracted lifestyle brands, especially in the fashion and beauty industries. Live shopping helps brands create loyalty and improve product conversion far more quickly than other platforms by directly communicating with customers.
About Shop LIT Live
Shop LIT Live is a social media-enable shopping app and web portal to reintroduce the human element to the shopping experience. While the world has relied on virtual interactions to keep some semblance of a link alive amid a global pandemic, the rise in online shopping is astonishing.
For more information, visit https://www.shoplitlive.com
About Toby Zhang
Toby was a partner at CRCM Ventures from 2014 to 2020, where he oversaw the firm’s consumer and emerging technology investments. Toby helped expand CRCM’s venture capital team from three to 28 people through four offices, and he and his partners opened four early-stage funds.
For more information on Toby Zhang, visit https://www.linkedin.com