[Funding alert] Live video commerce platform KIKO TV raises Pre-Series A investment led by SOSV
Live video commerce platformhas raised an undisclosed amount in its Pre-Series A funding round led by the US venture capital fund SOSV.
The startup will be shortly graduating from SOSV's Mobile Only Accelerator (MOX) programme. KIKO TV had recently raised their seed round from 9Unicorns.
This is the second funding raise by the company. According to a statement, this funding round is also open to others, who will be co-investing in the round.
"We are extremely elated to be part of the SOSV MOX family, as the MOX programme provides not only funding but also a lot of training to scale the business and access to their global mentor network. As the speed of internet available on all devices grows, and as the widespread use of 5G technology is becoming inevitable, live video commerce will be the future of shopping. It is our vision to be a market leader in this category,” said Shivam Varshney, Co-founder and CEO of KIKO TV.
The funding will be used to accelerate the product roadmap and increase adoption. The startup is looking at disrupting the mobile commerce space with live shopping and interactions between sellers and buyers, taking the native shopping experience to the virtual mobile screen.
The investment firm added that KIKO TV's unique AI technology also scans entertainment content and shows suggested products for purchase by scanning products and apparel in the video being watched.
“Live video is the logical evolution of ecommerce and shopping habits. There are enormous opportunities for mobile-first players, and we cannot think of a better team to work with than KIKO TV,” says William Bao Bean, General Partner at SOSV, Managing Director of MOX.
Citing Bloomberg data, SOSV claims that live commerce, after taking off in China and other Asian markets, is growing quickly in America and the rest of the world. Additionally, KPMG and Alibaba expected the live streaming ecommerce market in China to exceed $150 billion in 2020, and India is following suit (CNA).