USBpH

U.S. Bancorp Depositary Shares repstg 1/1000th Pfd Ser B

19.5700
USD
-0.41%
19.5700
USD
-0.41%
18.5500 25.2476
52 weeks
52 weeks

Mkt Cap 782.80M

Shares Out 40.00M

Chat
Send me real-time posts from this site at my email

Shoppable-Video Startup Lands Funding Round Led by Softbank

For more crisp and insightful business and economic news, subscribe to The Daily Upside newsletter. It's completely free and we guarantee you'll learn something new every day. Names have meaning. Parents who give their son the name Alexander surely want him to be great; the hope for a girl named Helen is that she will be beautiful. It's the same idea with start-ups, and it's a real bang when the name founders give their baby really works out. On Tuesday, Fireworks, a tech start-up that aims to help companies conduct live-streaming and other video e-commerce events, did just that, convincing SoftBank and other investors that it's worth $750 million in a Series B round generating $150 million in new funding. Spreading Like Wildfire Live-streamed shopping events -- kind of like a QVC for the internet -- have long been popular in China, but remain a relatively novel concept in the US despite tech titans Amazon, Meta, and Google's YouTube all offering live-streaming shopping tools. For SoftBank, which led the round via its influential Vision Fund 2, it's Fireworks' underlying tech that makes it an attractive bet. The start-up's services allow companies to forgo streaming and hosting licenses normally needed to host interactive shoppable video on their website -- untethering them from third-party platforms, and making it easier for consumers to complete purchases all in one virtual space. As the appetite for video shopping continues to grow, Fireworks has garnered a large, high-profile clientele: Fireworks now boasts 900 companies using its services, headlined by grocery group Albertsons, which began using the platform last October. Live-streamed e-commerce accounts for just 0.1% of all online sales in North America, i.e. less than $6 billion, per TechCrunch. Analysts expect the market to explode to $35 billion by 2024; in China, sales are already poised to hit $423 billion this year. This is the second major funding round in as many years for Fireworks. In March 2021, the company raised $55 million at a valuation of $230 million, meaning the start-up has doubled its worth in a calendar year. How's that for a bang? The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue