May 15, 2019
Storr, a San Francisco-based online retail marketplace, has raised another $3 million in funding led by Spark Capital officially launched its peer-to-peer platform, which allows anyone with a mobile phone to launch a digital storefront.
According to a press release, the new round of funding raises the company's total pre-Series A funding to $7.8 million. Spark Capital joins existing investors former Yankee Alex Rodriguez, Craft Ventures led by David Sacks, Abstract Ventures and the former chief executives of Macy's and Neiman Marcus.
The Storr platform, which has 30,000 sellers and 175 brands, allows shoppers to buy via the web, through various social media channels or through the Storr app, and make payments via Apple Pay, Google Pay or other payment methods, the company said.
Storr officials claim that, unlike rival storefront marketplaces on Amazon and Instagram, anyone can sell through the marketplace, which pays up to 30% either as a sales commission or as a donation to the seller's charity of choice.
"Twenty-one percent of U.S. shoppers made a purchase as a result of peer social media recommendations, but the $3 trillion global e-commerce industry traditionally pays commissions on sales to giant, established retailers," Starr CEO Eric Senn said in the release. "Now, people on Storr will get a share of that revenue instead of Amazon, Instagram or other third-party retailers."
He said that many of Storr's top sellers are on pace for $100,000 in sales for the year.
Storr launched a pilot program in January in which 600 sellers opened stores, including lifestyle and fashion influencers Lucy Fink, Rocky Barnes and Scarlet Leithold. Other sellers include everyday people such as college students, working moms, independent entrepreneurs and some amateur athletes, according to the company.
Topics: Mobile Apps, Mobile Payments, Retail
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