Fireworks Continues for Firework.com as it Raises $150 Million – Domain Name Wire
Live trading, which displays a live stream broadcast on an e-commerce site, is a big business in China. Alibaba’s Taobao Live, launched in May 2016, popularized this new style of online shopping in China.
Live trade — think QVC on the internet — allows customers to watch and shop simultaneously. These shows can be hosted by business executives, presenters, or even celebrities.
In 2020, live trading was instrumental in boosting sales, as Alibaba’s Taobao Live facilitated sales worth $7.5 billion in a 30-minute window on Trade Day. singles, the biggest shopping day in China.
With the Chinese live commerce market growing at a CAGR (compound annual growth rate) of 280% between 2017 and 2020, it’s no surprise that live commerce is starting to be tested outside of China.
Firework, founded in 2017, is a San Mateo-based company that seeks to push live commerce to a global audience.
The company’s core product line gives online sales a human touch with pre-recorded videos and live-streaming technology to help a brand’s shoppers become more engaged, increasing the rate of sale.
More and more businesses are starting to use live trading platform providers. These vendors are reaping the rewards of this trend as venture capitalists bet big on the future of online sales.
Both Upmesh and Drip have raised millions for their live-commerce ventures and Firework has now joined them, raising $150M in Series B funding at a $750M valuation.
That $150 million now brings Firework’s total disclosed funding to $269.3 million.
After raising $55 million in a funding round in March 2021, Firework decided to acquire its exact match .com, Firework.com.
According to Whois history, Firework.com was owned by someone from the UK until the domain was transferred to a privacy-protected Amazon registration account in August 2021.
For Firework, this marked the move away from a .tv domain. Prior to acquiring Firework.com, the company operated Firework.tv, an adequate but limiting solution if Firework ever wants to go beyond offering video functionality.
The acquisition of Firework.com is more than a brand protection measure for this successful company. It reinforces Firework’s position as a leading innovator in the live commerce industry and helps potential customers instantly recognize that Firework is a trusted name.