Social selling service Soldsie successfully sold its prospects to investors, closing a $4 million series-A financing round this week, led by First Round Capital, which brought its total financing to $5.6 million.
Soldsie works by allowing brands to post their items, with pictures, on their Facebook and Instagram pages via its platform, after which interested users of the social networks can comment “Sold!” and check out securely via PayPal.
The company offered the following statistics to back its platform:
- More than $25 million in transactions processed to date.
- A 70 percent conversion rate after Facebook or Instagram users write “Sold!” in their respective comments.
- 60 percent of checkouts take place after 30 minutes, meaning that users are claiming their items, and then waiting to complete their purchases.
- 70 percent of checkouts are completed via mobile.
Landis, principal of Landis Capital, said in an email to AllFacebook:
The face of online retail is swiftly changing, and an unprecedented number of transactions now occur in social communities like Facebook and Instagram. The brands that will survive will be the ones that take social selling seriously. We’ve backed Soldsie because it is equipping shops of all sizes to easily and effectively reach their customers in fun and novel ways in the online communities they frequent day in and day out.