[Funding alert] Content commerce app Hypd Store raises pre-seed investment from ScoopWhoop
Hypd Store, a content to commerce discovery platform startup, has raised an undisclosed pre-seed strategic investment from ScoopWhoop, a youth media platform. Hypd Store will use this funding for product enhancement, growth and category expansion.
Founded in 2020 by Ashwarya Garg and Akshay Bhatnagar, Hypd Store publishes content for direct to consumer (D2C) brands, with the target audience being those in the age group between 18 to 35.
It works closely with D2C brands and influencers alike to bridge the gap between seeing a product, wanting to have it, and purchasing it.
Some of the D2C brands HYPD has worked with since its beta launch in November 2020 are, TheManCompany, Doodlage, PeeSafe, Fast&Up, Khadi Essentials, Flatheads, etc.
On the investment, Ashwarya Garg, Co-founder, Hypd said,
“We are delighted with the incoming strategic investment. In most cases, companies act as a content company or a tech company; fortunately we are both. People love to buy, but don’t like to be sold. With Hypd’s unique content to commerce tech, conversions are up by 80%!”
HYPD Store has so far had around 20k downloads, and 50+ brands.
Akshay Bhatnagar, Co-Founder, Hypd said, “While we are helping brands by maximising returns on their content investments, we are also actively rooting for the creator economy by mapping every sale to a content inspiration and thus a creator’s cut!”
According to a press statement from Hypd, with 500 million mobile internet users, and ecommerce industry growing at a compounded annual growth rate (CAGR) of 38.6 per cent between FY'17 and FY'20, the content to commerce channels are expected to make 15-20 percent of all ecommerce sales in the next five years.
Sattvik Mishra, Co-founder & CEO, ScoopWhoop Media said,
“We foresee a massive shift towards content-driven shopping and Hypd Store is bridging the gap between discovery and transaction with focus on creators."
Founded in 2013, the platform of ScoopWhoop drives 30 million unique active users, 250 million video views and over 400 million content views across channels per month.
Edited by Anju Narayanan