Collaborative Shopping Platform, Joyned, Secures $4M in Seed Funding

Joyned is empowering retailers to provide social shopping experiences directly to their consumers without involving third-party social platforms. This SaaS platform announced today $4 million in seed funding to support the growing demand for its one-of-a-kind platform.

 

Funding was led by a trio including Arthur Stark, Yair Goldfinger, and Rafael Ashkenazi. Joyned is going to expand its U.S. presence and scale its business to help meet the demand for its product among fashion, travel and consumer electronics retailers, using the fund.


Joyned allows merchants to own the entire shopper journey, helps them leverage natural social engagement for better business results and empowers retailers to capture and grow their customers through social media on their sites.


The platform's code is lightweight and uses few resources on the back end, ensuring better performance of a retailer's website. Online retailers can offer their customers a way to seamlessly connect, share ideas and complete their paths to purchase while providing shoppers with the ability to shop collaboratively on their favourite eCommerce and shopping sites.


Joyned provides highly qualified organic website traffic to its merchant partners and increases profitability and lowers acquisition costs. Retailers have experienced an overall sales increase as high as 6%-15% after users invited their friends to engage using Joyned, as well as up to a 250%+ retention rate and a 40%+ increase in traffic for those who clicked to use the platform.


"The eCommerce landscape is rapidly shifting toward social media platforms, and threatens retailers' ability to build direct relationships with their customers and increases customer acquisition costs," said Jonathan Abraham, CEO, Joyned. "But by using Joyned, brands can infuse some of the social aspects into shopping experiences within their ecosystems without having to rely on a third-party platform. Providing brands with a direct 'social-to-sale' pipeline not only increases revenue but also increases customer engagement on-site."


"Joyned is a win-win for both consumers and retailers," continued Abraham. "Retailers can directly engage native brand ambassadors who are excited to complete purchases and invite their friends to do so as well, while all shoppers get to enjoy a new kind of streamlined social experience."