Livestream ecommerce startup Popshop Live has raised $20 million after closing a Series A funding round.

Popshop Live, which has offices in West Hollywood and New York, announced the raise July 8. The funding gives the company a valuation of $100 million.

The round was led by San Francisco-based venture capital firm Benchmark. Other firms participating in the raise included New York-based TQ Ventures, New York-based Access Industries and TQ Ventures, a venture capital firm from pop artists The Chainsmokers.

Former Walt Disney Co. executive Michael Ovitz, former NBA star Baron Davis and celebrities Kendall Jenner and Hailey Bieber were among the individual investors in the round.

Popshop Live also announced that Benchmark Managing General Partner Matt Cohler would be joining its board.

“Livestream commerce is not just a trend in China and through the pandemic, it is an emerging multi-billion-dollar phenomenon whose growth is accelerating every day,” Cohler of Benchmark said in a statement.

Founded by Chief Executive Dan Dan Li, Popshop Live is a streaming service and app that allows viewers to watch livestreams and make purchases.

"Dan Dan has created something fundamentally new, unbounded and powerful," Cohler said. "Her tenacity and commitment to her vision of creating a marketplace for culture is singular."

According to Popshop Live, shows streamed by some sellers have grossed upwards of $500,000. 
Sellers also report that nearly 80% of customers have returned for a second purchase within 30 days.

Popshop Live also announced the hiring of tech industry veterans Bangaly Kaba, the former head of growth at Instagram and vice president of product at Instacart, and Jason Droge, the former head of Uber Eats.

Kaba and Droege will be tasked with growing the company’s operations and accelerating regional and vertical expansion. 
Droege will also be in charge of adding retailers and sellers across new verticals.

Popshop Live said it intends to triple its headcount during 2021. The company currently has 30 employees.

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