Live streaming commerce platform Firework raised $150 million in funding led by SoftBank Vision Fund 2
- ByStartupStory | May 25, 2022
Firework, live streaming commerce and digital transformation platform announced a $150 million Series B investment round headed by SoftBank Vision Fund 2 on Tuesday. In a statement, Firework’s chief revenue officer, Jeff Lucas, stated that the investment will spark increased development across regions, notably India.
With the newly secured funds, US-based Firework, owned by Loop Now Technologies, Inc, will employ technical, product, and marketing teams, as well as modernise its platform. The long-term goal of the firm is to alter the digital world with its decentralised architecture, which would let businesses communicate and trade with customers on their own terms.
Firework, created by Vincent Yang and Jerry Luk in 2017, assists its customers in creating compelling video experiences on their owned and controlled digital domains and across platforms. The company’s Series B fundraising round follows the addition of ITC Foods, Sugar Cosmetics, Big Bazaar, Boat, Fab India, and The Man Company to its customer list in India. Sunil Nair, CEO of Firework India said that SoftBank Investment Advisers brings significant knowledge and expertise with years of experience in the direct-to-consumer (D2C) industry.
Linda Yu, the partner at SoftBank Investment Advisers said that short videos and live streaming are now the default language for the digital era. She further said that Firework enables businesses to leverage video to convert their websites into social and narrative centres, allowing them to develop stronger, long-term consumer relationships.
Masayoshi Son, the CEO of SoftBank stated that one of the high-profile investors with bets on Indian startups like Swiggy and Paytm, stated earlier this month that the company may reduce its startup investments in the fiscal year ending March 2023. Son was commenting after the company announced a $26.5 billion loss at its Vision Funds for the fiscal year ending March 2022.
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