Firework Secures $150M in Series B Funding
A live commerce and digital transformation platform, Firework secured $150 million in Series B funding, led by SoftBank Vision Fund 2.
The announcement comes as public sentiment toward Big Tech’s “walled gardens” — the large, closed ecosystems typified by Facebook and Amazon — is growing increasingly strained. Facebook’s parent company Meta’s recent announcement that it will charge a 47.5% fee on all transactions on its Horizon Worlds metaverse app was the most recent flashpoint to emerge from the debate around of Internet centralization.
With the newly acquired funds, Firework aims to accelerate growth through a variety of measures in pursuit of a bold, long-term vision to reshape the digital landscape with its decentralized infrastructure on which organizations can engage and transact. with customers and the public on their own properties. and terms. In the near term, the company aims to increase talent acquisition in the areas of engineering, product and marketing, and to make several improvements to its overall platform.
“This investment will trigger accelerated growth in all markets and particularly in India,” said Jeff Lucas, chief revenue officer of Firework. “Over the past 24 months, we’ve built a robust platform and business model and it’s contributed to our clients’ successes. The capital will not only help us continue to build those successes, but also ensure that Firework, as a platform, never loses the cutting edge of next-gen customer experience.”
Success breeds success
The outcome of Firework’s Series B funding round can be attributed in large part to a litany of success dating back to the first quarter of 2021. With several successful customer and partner acquisitions – like ITC Foods, Sugar Cosmetics, Big Bazaar, Boat , Fab India, The Man Company and Omnicom Media Group – a strategic investment partnership with American Express Ventures and numerous high profile executive hires, Firework has established itself as the undisputed leader in the race to lead the still nascent market. direct trade in India.
In China, e-commerce generated more than $300 billion in sales in 2021, representing about 12% of overall retail e-commerce sales, and is expected to reach nearly 20% in 2023. The North American market , on the other hand, recorded less than $6 billion, or just 0.1% of overall online sales. The vastness of the opportunity that lies there was not lost when Firework launched in 2017, nor did it go unnoticed by investors. Firework has raised over $235 million in funding to date.
But vision determines its value
“Short videos and live streaming are now the default language of the digital age, which is reshaping the way consumers interact with brands and products online,” said Linda Yu, partner at SoftBank Investment Advisers. “We believe Firework empowers businesses to use video to turn their websites into social and storytelling hubs so they can build deeper, long-term relationships with customers. Firework has assembled an impressive team in the digital commerce space and we’re excited to partner with to build a next-generation customer experience.”
As part of the transaction, Linda Yu joined Firework’s board of directors.
“SoftBank Investment Advisors brings deep knowledge and expertise with years of experience in the D2C space,” said Sunil Nair, CEO of Firework India. He added “Firework’s ambition to shape the next generation of the Internet and to become the infrastructure on which the next generation of the Internet is built and managed will be guided by our shared vision.
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