Bambuser Raises $45m for Live Video Shopping, Rolls Out Virtual US Expansion after Exponential Growth in H1 2020

Rhea-AI Summary

On September 1, 2020, Bambuser announced it raised $34.5 million in funding, totaling $45 million for 2020, amid COVID-19. Significant investors include Harmony Partners and Tenth Avenue Holdings. The company reported a remarkable 669% increase in net sales year-over-year, driven by the adoption of its Live Video Shopping technology by brands like H&M and Moda Operandi. Despite delays in U.S. expansion due to travel restrictions, the U.S. is now Bambuser's largest market, indicating strong growth potential in the live shopping sector.

Positive

• Secured $34.5 million in funding, totaling $45 million in 2020.
• Net sales grew 669% year-over-year in Q2 2020.
• Live Video Shopping technology adopted by major brands.

Negative

• U.S. headquarters plans delayed due to travel restrictions.

NEW YORK, Sept. 1, 2020 /PRNewswire/ -- Interactive live video streaming provider Bambuser announced that the company secured $34.5 million in funding amid the COVID-19 pandemic in Q2 2020, bringing the total raised this year to $45 million. Participants include new and previous investors including New York-based VCs Harmony Partners and Tenth Avenue Holdings, as well as some of Sweden's leading technology funds such as Consensus Asset Management, Handelsbanken, Lancelot Asset Management, and TIN Fonder. 

The investments follow the rapid adoption of the company's flagship Live Video Shopping technology, released in late 2019, by major international brands such as H&M, Motivi, Moda Operandi, Frame, LUISAVIAROMA and Showfields, among others. In Q2, catalyzed by the acceleration of digital transformation initiatives among retailers impacted by the pandemic, the company's net sales grew 669 percent year over year. 

While Bambuser's plans to open a headquarters in the U.S. were delayed by current travel restrictions, the company has continued its business development in the region as part of a virtual expansion. Despite having no physical presence, the U.S. is now the company's largest market. 

"The West remains a relatively untapped opportunity for live shopping, especially when compared to China, where it is expected to drive 20 percent of all ecommerce revenues this year," stated Maryam Ghahremani, CEO of Bambuser. "The needs of brands are the same - they want to connect with consumers as they drive intent around their products. We know this model generates engagement and sales, and we're confident  that consumer adoption will increase rapidly in the next year." 

During the first half of 2020, an average viewer of a Bambuser-supported Live Video Shopping show watched for 11.18 minutes, and 12 percent added at least one item to their shopping cart. The average add-to-cart rate in the beauty segment, among Bambuser's top categories, is 36% across all active retailers.

In addition to funding the company's physical expansion, the new funding will be used to fuel aggressive recruitment efforts and further product development to ensure Bambuser can fulfil demands during the major holiday shopping season in Q4.

Contact information
Maryam Ghahremani
CEO
+46-8-400-160-02
ir@bambuser.com or visit bambuser.com/ir

About Bambuser AB
Bambuser is a software company specializing in interactive live video streaming. The Company's primary product, Live Video Shopping, is a cloud-based software solution that is used by customers such as global e-commerce and retail businesses to host live shopping experiences on websites, mobile apps and social media. Bambuser was founded in 2007, is listed on the Nasdaq First North Growth Market and has its headquarters in Stockholm.

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The following files are available for download:

https://mb.cision.com/Main/15749/3186770/1300875.pdf	Release
https://mb.cision.com/Public/15749/3186770/9c2bfc6e3a6d0062_org.jpg	bambuser-header
https://mb.cision.com/Public/15749/3186770/8a3618f8f4662744_org.png	Live Video Shopping FRAME
https://mb.cision.com/Public/15749/3186770/8d4e0e06036de513_org.jpg	Maryam Ghahremani
https://mb.cision.com/Public/15749/3186770/ba16c3c4a8f51d6c_org.png	Bambuser Header

 

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SOURCE Bambuser

FAQ

What is Bambuser's recent funding amount?

Bambuser recently secured $34.5 million in funding.

How much total funding has Bambuser raised in 2020?

Bambuser has raised a total of $45 million in 2020.

What was the percentage increase in Bambuser's net sales?

Bambuser reported a 669% increase in net sales year-over-year.

Which major brands are using Bambuser's technology?

Major brands using Bambuser's technology include H&M, Motivi, and Moda Operandi.

What challenges has Bambuser faced in expanding to the U.S.?

Bambuser's plans for a U.S. headquarters were delayed due to travel restrictions.