REDWOOD CITY, Calif., Nov. 9, 2021 /PRNewswire/ -- Firework, the short-form video platform designed to bring a shoppable, livestream video experience to any website, today announced it received an investment from Amex Ventures. This investment comes in the wake of Firework's partnerships in the retail space, including a first to market grocery retail partnership with Albertsons Companies, one of the world's largest food and drug retailers and parent company to over 20 well-known chains including Albertsons, Safeway, and Jewel-Osco.
"This investment from Amex Ventures is about much more than just the dollar amount," said Jason Holland, President of Global Business at Firework. "It's also an affirmation of Firework's mission to deliver enterprise-level customer engagement solutions to the small business sector. With this investment, Firework will double down on its commitment to democratizing the world of ecommerce, putting control back in the hands of businesses."
In the APAC market, shoppertainment has already experienced widespread adoption, especially in China, where the total market value of livestream ecommerce is projected to reach$409 billion by the close of 2022. While the American market still trails behind countries like China, it is steadily gaining ground. According to arecent reportfrom Coresight Research, the U.S. livestreaming market is expected to reach $11 billion by the end of 2021, and then skyrocket to $25 billion by 2023. With over 600 brands, retailers, and small businesses already embracing their livestream ecommerce and shoppable video technology, Firework is the clear leader in this rapidly expanding space.
"Amex Ventures invests in ideas that are transforming the everyday for consumers and businesses globally," said Harshul Sanghi, Global Head of Amex Ventures. "Firework is building the infrastructure to power next generation digital shopping and e-commerce experiences. We believe Firework is positioned at the cutting-edge of ecommerce, enabling companies to interact with their customers in new and exciting ways."
About Firework Firework is the world's leading immersive "shoppertainment" platform with shoppable video, live streaming commerce and monetization capabilities powering over 600 direct-to-consumer brands, retailers and media publishers worldwide. Pandemic-accelerated, Firework has experienced 10x year-over-year growth, bringing TikTok-like interactive video experiences to your own website or app. Firework enables its customers to create and host native, shoppable video content for engaging product discovery, seamless shopping experiences and ultimately, a deeper emotional connection with consumers. The company is backed by IDG Capital, Lightspeed Venture Partners and GSR Ventures, with over $100 million in capital raised to date. To learn more, please visit firework.com.
Media Contact Fatimah Nouilati Scratch Marketing + Media for Firework [email protected]