SAN FRANCISCO, CA, Storr has raised an additional $3 million investment.
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Storr, the online retail marketplace that enables anyone to buy and sell new, brand-name products, has raised an additional $3 million investment from Spark Capital, bringing their pre-Series A funding to $7.8M. Storr opened its platform to general availability today, where unlike Amazon and Instagram, anyone can sell on Storr and Storr gives the retail sales commission -- up to 30 percent -- to its sellers and/or the charity of their choice.
The company welcomed more than 30,000 new sellers from the waitlist and immediately enabled them to start selling products from 175 top brands, including Birdies, Jonathan Simkhai, RE/DONE, Rosie Assoulin, Solid & Striped, and Spiritual Gangster.
Spark Capital is the latest to invest in Storr and is well known for their early investments in Glossier, Postmates, Twitter, and Warby Parker, among others. They join fashion and technology heavyweights that have already invested in Storr, including the former CEO of Neiman Marcus, the former CEO of Macy's.com, the co-founder of Rent the Runway, athlete and investor Alex Rodriguez, stylist and entrepreneur Elyse Walker, David Sacks' Craft Ventures, Abstract Ventures, and SV Angel.
The company launched a pilot in January, enabling 600 people to open stores. Sellers include fashion and lifestyle influencers Rocky Barnes, Scarlet Leithold, and Lucie Fink, as well as everyday college students, amateur athletes, working moms, and entrepreneurs.
"At Spark, we believe that amazing products create markets, not just find market fit - and that's why we're so excited about the momentum that Storr has gained so quickly," said Kevin Thau, general partner at Spark Capital. "I love the product, the team is incredible, and the vision is market-changing."
Storr gives people -- anyone -- a platform to easily and quickly open an e-commerce store for free using just their mobile phone. The platform enables people to make money selling new, brand-name products without incurring any inventory or fulfillment costs. Storr also provides an easy and scalable integration for brands, allowing them to connect to the Storr platform in minutes, with no technical work needed on the brand side.
"Twenty-one percent of U.S. shoppers made a purchase as a result of peer social media recommendation, but the $3 trillion global e-commerce industry traditionally pays commissions on sales to giant, established retailers," said Eric Senn, CEO of Storr. "Now, people on Storr will get a share of that revenue instead of Amazon, Instagram, or other third-party retailers. Some of our top sellers, many of whom are still in school, are already on pace for $100,000 in sales on Storr this year."
Storr delivers a shopping experience based on social trust and authenticity, enabling shoppers to share and discover new brands and products through people they know. As the demographic with the largest purchasing power since baby boomers, millennials listen to each other on social channels-they cite family (75 percent) and friends (72 percent) as the biggest influences on their own shopping habits and purchasing decisions, much more so than celebrities (33 percent)-and they are looking for highly curated recommendations from within their own community.
"Storr brings back the personal touch and curation that is so often lacking in today's e-commerce environment," said Jennifer Fleiss, co-founder of Rent the Runway. "They have built an experience that prioritizes shopping but leverages social trust, enabling consumers to share and discover favorite finds."
"Storr is taking advantage of three megatrends: The rise of the peer-to-peer economy, the lack of personalization in a retail market dominated by Amazon, and the inauthentic commercialization of Instagram," said Brian Murray, vice president at Craft Ventures.
Sellers on Storr also have the option to donate a percentage of their earnings to the charity of their choice. Charity partners include Conservation International, DonorsChoose, The King Center, Horizons National and PAWS. There is no markup on Storr and consumers make a social impact just by buying from their friends on Storr at retail price.
Storr's platform is available to anyone today on iOS, Android, and the web. Setting up a store is simple and easy.
Founded in 2018, Storr is an online marketplace that enables anyone to open a store and make money from their phone in three easy clicks. People can sell new, brand-name products from more than 175 brands. The brands handle shipping and returns, and people make a direct commission on sales instead of third-party channels. Storr is backed by Craft Ventures, Abstract Ventures, Spark Capital and SV Angel. For more information, please visit www.storr.co