- Online retail marketplace Storr has raised $3 million from Spark Capital
- This investment brings Storr’s pre-series A to $7.8 million
Online retail marketplace Storr is a company that enables anyone to buy and sell new brand-name products. Recently, Storr announced it raised $3 million in funding from Spark Capital. This brings the company’s pre-Series A funding round to $7.8 million.
In conjunction with this round of funding, Storr also opened up its platform to general availability today. Through the platform, anyone can sell on Storr — which gives the company an advantage over Amazon and Instagram. And Storr will give a retail sales commission of up to 30% to its sellers and/or the charity of their choice.
“Twenty-one percent of U.S. shoppers made a purchase as a result of peer social media recommendation, but the $3 trillion global e-commerce industry traditionally pays commissions on sales to giant, established retailers,” said Storr CEO Eric Senn. “Now, people on Storr will get a share of that revenue instead of Amazon, Instagram, or other third-party retailers. Some of our top sellers, many of whom are still in school, are already on pace for $100,000 in sales on Storr this year.”
Storr has also welcomed over 30,000 new sellers from the waitlist and immediately enabled them to start selling products from 175 brands including Birdies, Jonathan Simkhai, RE/DONE, Rosie Assoulin, Solid & Striped, and Spiritual Gangster.
Some of Storr’s other investors include the former CEO of Neiman Marcus, the former CEO of Macy’s.com, the co-founder of Rent the Runway, Alex Rodriguez, Elyse Walker, Craft Ventures (David Sacks), Abstract Ventures, and SV Angel.
“At Spark, we believe that amazing products create markets, not just find market fit – and that’s why we’re so excited about the momentum that Storr has gained so quickly,” added Spark Capital Kevin Thau. “I love the product, the team is incredible, and the vision is market-changing.”
In January, Storr launched a pilot and enabled 600 people to open stores. Some of the sellers on the platform include fashion and lifestyle influencers like Rocky Barnes, Scarlet Leithold, and Lucie Fink.
“Storr brings back the personal touch and curation that is so often lacking in today’s e-commerce environment,” explained Jennifer Fleiss — co-founder of Rent the Runway. “They have built an experience that prioritizes shopping but leverages social trust, enabling consumers to share and discover favorite finds.”
Through Storr, anyone can easily and quickly open an e-commerce store for free using their mobile phone. And the platform enables people to make money selling new and brand name products without incurring inventory or fulfillment costs.
Storr also provides a shopping experience based on social trust and authenticity — which enables shoppers to share and discover new brands and products through people they know.
“Storr is taking advantage of three megatrends: The rise of the peer-to-peer economy, the lack of personalization in a retail market dominated by Amazon, and the inauthentic commercialization of Instagram,” noted Craft Ventures VP Brian Murray.
