South Korean technology startup Grip has received a combined 3.5 billion won ($3 million) in funding from venture capital firms to strengthen its live commerce marketplace, according to the startup on July 30.
The funds came from Korea Investment Partners and Neoplux.
A live commerce marketplace refers to an e-commerce platform where sellers are livestreaming videos to interact with online customers. The trend is fast emerging in China, spearheaded by players such as Taobao’s Zhibo and Mogujie.
“Grip has come up with a fresh and optimized means of communication between buyers and sellers,” Korea Investment Partners Principal Chung Hwa-mok said.
Founded in 2018, the Pangyo-based startup is expected to advance its recommendation system for online customers to stimulate overseas expansion targeting markets in Southeast Asia and Japan.
“Live commerce is disrupting the traditional e-commerce industry and is blurring the line between marketing and distribution,” Grip founder and CEO Kim Han-na said in a statement. “Social influencers are facing the need to take on the new role as ‘commerce influencers.’”
By Son Ji-hyoung (firstname.lastname@example.org)