Shoppable Video Firm Firework Raises $150M at $750M Valuation

Firework, a company that creates livestream video shopping events for retailers, has raised $150 million in a Series B funding round, according to a Tuesday (May 24) press release.

As The Wall Street Journal (WSJ) reported, the round — led by SoftBank’s Vision Fund 2 — values the company at $750 million.

Firework plans to use the capital to accelerate growth, improve its platform and hire staff, the release stated.

The company has 900 clients who rely on its shoppertainment technology to provide video content in stores and on their website, according to WSJ.

Earlier this year, Firework launched a partnership with supermarket chain The Fresh Market, which has 159 stores in 22 states.

Read more: The Fresh Market Uses Contextual Commerce With Shoppable Videos

“We’ve always focused on making the in-store experience special, something you look forward to returning to,” The Fresh Market Chief Marketing Officer Kevin Miller said at the time. “With Firework, we’re able to closely replicate that same personalized, one-of-a-kind shopping experience of joy and anticipation in the digital space where next-generation consumers shop.”

Last year, Firework teamed up with Albertsons Companies, the third-largest grocer in the United States, to create shoppable videos and livestreams. The partnership was designed to offer short video content as well as cooking experiences, and provides the grocer with ad sales opportunities, as Albertson’s can sell in-video ads to brands.

See more: Albertsons Takes Page From Walmart’s Book With Shoppable Video Content

As PYMNTS noted at the time, Walmart has been a leader in this space, launching several commerce-integrated video series, featuring high-profile celebrity collaborations, such as its “Cookshop” culinary videos, and its family-focused Make it with Walmart interactive shoppable activities, as well as its in-store augmented reality integrations.

But smaller grocers have begun embracing in-store video as well. Earlier this month, marketing technology company Looma announced that it has introduced its interactive video advertising screens known as Loop into 120 H-E-B grocery stores in Texas, accounting for more than a third of that retailer’s stores.

Read more: In-Supermarket Video Marketing Expands