Joyus raises $24 million
June 9, 2015 12:04 PM
Joyus, the online retailer that operates a custom-built e-commerce platform based entirely on video, has raised $24 million.
Venture capital firms Marker Financial Advisors LLC and Steamboat Ventures led the round, which also included existing Joyus investors Accel Partners, InterWest Partners LLC and Time Warner Investments.
Joyus also announced it added a number of new executives to its ranks, including David Lazar as its president and chief customer officer. Since October 2011, Lazar had been CEO of ThreadSuite Inc., a mobile cloud sales and analytics platform for wholesale fashion buyers and brands that he also founded, according to his LinkedIn profile. Lazar has had a number of prominent retail-oriented positions throughout his career, including a stint as vice president of merchandising at Express Inc. He also was an advisor to Joyus CEO and founder Sukhinder Singh Cassidy between 2011 and 2012.
The retailer also hired Kathy Samuels as its chief content officer, Jennifer Sharp, vice president of partnerships, Sandra Szahun, head of sales and branded content and Jonathan Hoeh, vice president of operations.
Joyus, which generated 99 cents in revenue per video view on its site, says it plans invest in expanding its product assortment and distribution of its video, as well hiring more staff for its engineering team.
The retailer is increasingly focused on mobile because roughly 35% of revenue comes from shoppers buying on mobile devices.
“The continued shift of users towards consuming online video across all devices and all genres of content is driving a large scale opportunity in lifestyle programming and monetization through commerce,” says Singh Cassidy.
Joyus is No. 714 in the Second 500 Guide.