Jerusalem-based collaborative shopping startup Joyned has announced its latest round of seed funding.
The company’s platform helps merchants to increased on-site engagement, loyalty and shopping cart size by moving shopping-related social activity away from third-party social media platforms and onto retailers’ own websites and ecommerce platforms. As a result, consumers can shop and collaborate online with friends and family from within a company’s shopping site.
The company’s latest $4mn seed round was led by Arthur Stark, former President of Bed Bath & Beyond; Yair Goldfinger, Founder of Dotomi and ICQ; and Rafael Ashkenazi, Managing Director, Executive Chairman, Hard Rock Digital.
“The ecommerce landscape is rapidly shifting toward social media platforms, and threatens retailers’ ability to build direct relationships with their customers and increases customer acquisition costs,” said Jonathan Abraham, CEO, Joyned.
“But by using Joyned, brands can infuse some of the social aspect into shopping experiences within their own ecosystems without having to rely on a third-party platform. Providing brands with a direct ‘social-to-sale’ pipeline not only increases revenue but also increases customer engagement on-site.”
The company said it would use the funds to expand its US presence and meet demand in the fashion, travel and consumer electronics industries.
“Joyned is a win-win for both consumers and retailers,” said Jonathan Abraham. “Retailers can directly engage native brand ambassadors who are excited to complete purchases and invite their friends to do so as well, while all shoppers get to enjoy a new kind of streamlined social experience.
“We ultimately envision an online retail ecosystem connected by Joyned, where consumers can shop socially and collaboratively across a network of retailers that offer the platform. This financing brings us closer to realising this vision.”
