DTC’s Daily Digest brings you the latest news about the world's fastest growing brands. In today's edition: Mavely raises US $ 1 million to help reduce social spending; Lunar Way provides financing and European banking license; and ThredUp raises US $ 100 million.
Mavely raises US $ 1 million to help reduce social spending
Mavely, a startup that aims to help brands spend less money on Facebook and Instagram ads, Raised US $ 1 million (£ 820,000) in funding From PivotNorth Capital, Silicon Valley VC has invested in companies like Looker, Chime and Sun Basket.
Mavely is a shopping app that allows users to find direct brands for consumers and earn commission for each purchase. Mavely shoppers can invite friends to shop on the platform, which also earns them cash.
Mavely, which was just launched in beta in April, has more than 100 direct consumer brands on its platform, including Allbirds, BarkBox, Home Chef, Blue Apron and Sun Basket.
The incentive for consumers is simple – make money from purchases you make, and encourage your friends to shop to achieve more. For brands, it's a way to get customers at a much lower price than spending on Facebook and Instagram.
Mavely expects to reach 30,000 users and 300 brands on the platform by the end of 2019.
Lunar Way provides financing and European banking license
The Nordic banking app in Denmark, Lunar way, she has I got 26 million euros (24 million pounds) in a new round of financing Led by SEED Capital, while obtaining a European banking license from the Danish Financial Supervisory Authority along the way.
This puts Fintech in a good place to accelerate the development of the new Nordic Bank and increase its growth in the Danish, Swedish and Norwegian markets.
With a new new license, Lunar way It is now the newest bank in the Nordic countries and appears as the newest competitor in the banking sector.
“We have evolved from a small company to fintech, which has nearly 100 employees from Denmark, Sweden and Norway, with employees in all Scandinavia – a market that is hard to penetrate,” said Ken Philom Clausen, founder and CEO of Lunar Way.
The Nordic market currently has 27 million people and is home to some of the most stable economies in the world, which is why Lunar Way chose to focus its efforts on the northern markets only from day one.
Instead of vertically expanding, Lunar Way wants to be "a digital, innovative and 100% correct alternative to conventional banks," Klausen explains.
ThredUp raises 100 million USD
ThredUp, The fashion resale market, Raised US $ 100 million (£ 82 million) in new funding. From the Investors Union, which includes Park West Asset Management, Irving Investors and former supporters Goldman Sachs Investment Partners, Upfront Ventures, Highland Capital Partners and Redpoint Ventures.
This brings ThredUP's total capital to over US $ 300 million (£ 247 million), including an undisclosed investment of US $ 75 million (£ 62 million) secured last year.
This news comes just a few days after ThredUp's announcement New partnerships with Macy's and JCPenney, Where ThredUp will send clothing retailers to sell through their stores.
ThredUp feels very much that traditional retailers will see gently used items as a potential source of revenue for themselves. By 2023.
Do you want this in your inbox? Subscribe to our newsletter here!