E-commerce platform Curated plans on using the funding to build its expert-assisted product recommendation service. Here are the top-line bullets you need to know.
Curated, an e-commerce platform, has raised $39M in a Series B. The round was led by Greylock Partners.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Curated is an online e-commerce platform that connects customers with experts who help them to select the right products. The company generally focuses on selling premium products that are priced at $500 and above, and customers spend an average of $700 on each Curated purchase.
- The company claims to have connected over 1M clients to experts and boasts a return rate is as low as 2% for purchases made through the portal. There are about 1,000 active experts on Curated.
- The company partners with brands such as Callaway Golf, The North Face, Rossignol, and Burton.
- The company’s year-over-year revenue quadrupled in 2020.
WHY DOES THE MARKET MATTER?
- The e-commerce market is projected to grow at a CAGR of 22.9% to reach a value of $16.2T by 2027, according to Meticulous Market Research.
- The Covid-19 pandemic has instigated a change in buying patterns and bolstered a growing demand for online shopping.
- Investment by most e-commerce brands have increased by more than 50% between 2019 and 2020.
- Given Amazon’s stronghold over the online retail market, retailers are doubling down on unique strengths like niche assortment and distinctive convenience.