- Verishop, an online marketplace for independent and emerging brands, launched in 2018.
- Verishop was co-founded by former Snap manager Imran Khan and ex-Quidsi chief Cate Khan.
- Read the 16-page pitch deck the founders used to raise a $40 million Series B round in July.
When former Snap chief strategy officer Imran Khan and his wife, former Quidsi chief executive Cate Khan, founded Verishop in 2018, they sought to create a marketplace that offered assistance to luxury brands, a customer base they said had been largely overlooked by larger online retailers like Amazon. and Wal-Mart.
“We wanted to create a platform that connects these independent and emerging brands with their fans and customers,” Khan told Insider.
Verishop operates as an online marketplace where shoppers can purchase items from independent and emerging luxury brands on their desktop and mobile devices. The marketplace includes features such as feeds for collections and items; the ability to broadcast live; an AI-based recommendation engine; and the patented Shop Party, which allows groups of shoppers to shop together via group video chat. The startup takes a share on each transaction.
More than 3,000 brands selling over $1 billion in inventory are now sold through Verishop, from coastal life-inspired men’s line Banks Journal to Veda, a women’s ready-to-wear collection focused on fitted leather jackets. As Verishop has grown, so has the solutions it offers creators, which now include streams and live streaming.
Verishop raised a $40 million Series B funding round in July led by Lion Capital, which will be used to expand the startup’s features and capabilities. And while it’s likely the startup could see an increase in employee numbers, Khan doesn’t like to talk about headcount on that front.
“Having more staff isn’t the solution – improving productivity is the most important thing,” Khan said. “I don’t think that’s the right way to think about a business. That’s how you end up becoming a bloated organization. To me, it’s like, what are the problems you’re trying to solve, and at how fast will we solve the problem?”
Here’s the 16-page pitch deck Verishop used to raise its $40 million Series B round: