In the second week of September, 2021, the market-leading live video e-commerce Immerss raises $1.1M. This investment is gained after a round of seed funding let by Muse Family Enterprises Ltd. and Oak Stream Investors III, Ltd. The virtual conference company also revealed that this fund is going to be used to boost its sales and marketing, by accelerating solutions that allows online merchants to provide face-to-face in-person experience for virtual shopping.
About Seed Funding Round Investment for Immerss
The pioneer of live shopping experience provider, Immerss raises $1.1M of investment through seed funding. As mentioned in prior, the round was led by Muse Family Enterprises Ltd. and Oak Stream Investors III, Ltd.
This fresh funding provides the company with a summed up funds of $3.5 million. It was announced that there is $400,000 open for the recent round.
The gained investment is disclosed to be used for boosting the marketing and sales department of the company. The online event platform provider currently searches a person to fill the sales director position. It’d most likely hire three to five individuals to work on its customer and sales success teams. As per recent, the company comprises of 11 staffers. However, it has refused to reveal its revenue.
In case the online conference platform provider is able to hit specific client success and enrollment milestones, there’s a possibility that it’ll open the Series A funding round in range of $5 – $10 million within the following 15 months.
Immerss is a company led by its current CEO and founder, Arthur Veytsman. It provides assistance to retailers and brands to create more humanized experience of e-commerce shopping by offering connection between the customers and the company’s sales associates. This is done by delivering live video that turns nameless virtual events transactions into a face-to-face experience. It leverages live streaming, chat, video, and e-commerce technology in one conference platform, so the customers can be served by the merchants in real-time manner.
The live video ecommerce platform’s service is used by prominent retailer brands such as Ylang 23, Radley London, and Lucchese. This Dallas-based company has claimed before, that their service has successfully raise the merchants’ conversion rates of sales by 29%, the average order value by 65%, and reduce item returns by 25% compared to ordinary services by other virtual event companies.
When it was first established back in 2015, the company’s CEO stated that they were aiming to create virtual meeting platforms for online commerce shopping. According to Veytsman who have joined the company three years ago as one of its earliest investors, he took a position there in the midst of productization fulcrum.
Furthermore, he also expressed about how the company aims to be a big data provider in the future. The collected data on this platform is gained from the consumer experiences, whether it is to click on video or chat services or the call length as they watch the video and how much time spent watching before they buy the product in the virtual event app. These items contribute to the gathered smart data as feedback for the clients.