Fung Capital has led the $5 million Series A round of funding into Olapic, a company that lets consumers become part of a brand’s visual voice by showcasing their user generated images and videos into a company’s e-commerce experience.
Fung Capital is the private investment arm of the families of Victor Fung and William Fung who are the controlling shareholders of Li & Fung, a public company that sources, distributes and retails consumer products globally.
Longworth Venture Partners and existing investors Great Oaks and Scout Ventures also participated in the round.
“Olapic’s proven ability to engage the shoppers and to shape the brand image while enhancing the brands’ sales performance is a powerful combination that no e-tailer can do without,” said John Seung, partner at Fung Capital.
Olapic empowers retailers to take advantage of shifting consumer-shopping behavior that is driving an evolution/revolution in e-commerce, specifically how consumers discover, evaluate and interact with products online.
New ways to browse and curate products have given rise to shoppers who care less about studio quality photography and more about how products are being used by other consumers. Olapic’s SaaS product is allowing brands to leverage these user-generated photos/videos to drive sales through an increase in e-commerce conversion.
Olapic’s SaaS solution enables retailers to increase engagement, time spent and conversions on their e-commerce properties. Additional benefits include reducing product returns by showing more accurate imagery of a product, enabling their customers to find new products, and collecting data on customer preferences based on imagery.
“By integrating the features that resonate with consumers on sites like Instagram, Twitter and Facebook, e-commerce companies can take advantage of this new shopping movement and meet the changing behaviors of their customers, all while reaping the financial benefits that go hand-in-hand,” said Pau Sabria, co-founder of Olapic.