The announcement comes at a time when public sentiment towards the “walled gardens” of big tech companies, that is, large closed ecosystems such as those of Facebook and Amazon, are increasingly strained. The recent announcement by Meta, the parent company of Facebook, that it will impose a 47.5% tax on all transactions made on the Horizon Worlds metaverse app is the latest point in the debate over the centralization of the internet.
With newly acquired funds, Firework aims to accelerate growth through a variety of actions in pursuit of a bold, long-term vision to reshape the digital landscape with its decentralized infrastructure that organizations can engage with and engage with. Domains and terms. In the near term, the company aims to increase talent acquisition in the areas of engineering, production and marketing, and to make several improvements to its overall platform.
“With this investment, our growth engine is running on all cylinders,” said Vincent Yang, co-founder and CEO of Fireworks. “Our core technology and business model have already proven themselves in the market multiple times, and with this capital to realize his vision, Firework can now focus most of its efforts on development and growth, under all its forms, such as growing its team, user base and technology to ensure that the Fireworks platform does Never lose steam with the latest, next-generation customer experience. »
Success begets success
The success of Firework’s Series B funding round can largely be attributed to a string of successes dating back to the first quarter of 2021. Through multiple acquisitions of clients and partners (such as Albertsons Companies, The Fresh Market and Omnicom Media Group), an investment Strategically in partnership with American Express Ventures, and several high-level executive appointments, Firework has proven to be the undisputed leader in the race for leadership in the still nascent consumer commerce market. Broadcasting live in North America.
In China, the live broadcasting business has generated more than $300 billion in sales In 2021, it represents approximately 12% of total retail e-commerce sales, and is expected to reach nearly 20% in 2023. The North American market, on the other hand, has been Less than 6 billion dollars, which represents only 0.1% of all online sales. The breadth of this opportunity wasn’t lost on Firework founders Vincent Young and Jerry Lock when they launched the company in 2017. Investors haven’t forgotten it either. Firework has raised more than $235 million in funding to date.
But it is the vision that determines its value
“Short videos and live broadcasts have become the default language of the digital age, reshaping the way consumers interact with brands and products online,” said Linda Yu, partner at SoftBank Investment Advisers. “We believe Firework enables businesses to use video to transform their websites into social hubs and storytelling, so they can build deeper, long-term relationships with their customers. Vincent and Jerry have assembled an impressive team in digital commerce and we are excited to partner with them to create a next-generation customer experience. . »
As part of this transaction, Linda Yu joined the Firework Board of Directors.
“We chose to work with SoftBank’s investment advisors for a number of reasons, including their unparalleled expertise in e-commerce and the wide network,” said Jerry Lock, co-founder and president of Fireworks. “But above all, we chose Softbank Investment Advisers because of their shared vision. We have big ambitions in Firework – to become the infrastructure on which the next generation of Internet is built and managed – and Softbank investment advisors support that vision.”
Firework is the world leader in humanizing the open web through the language of video. By leveraging direct buy video, live streaming commerce, and powerful monetization capabilities, Firework enables the world’s most dynamic and engaging retailers, consumer brands, and publishers to create engaging video experiences on the digital domains they own and operate and across channels globally. Firework empowers companies to bring new levels of reliability and connectivity to online video experiences, speak to digital natives in a language they fully understand — and control their customer data. To date, the company has raised more than $235 million in capital. To learn more, see firework.com.
Scratch Marketing + Media Fireworks
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