Mountain Partners invests in Revolutionary m-commerce video platform yeay
Mountain Partners invests in the m-commerce platform YEAY. The start-up YEAY, using video to redefine shopping, today closes its convertible round of funding, raising a total of USD 4.9 million in seed funding to date. The funds raised are being used to develop a breadth of new product features, to reach a wider global audience and gain more traction with ‘Generation Z’.
YEAY has received funding from different investors. The round was led by Grazia Equity along with Mountain Partners, whose global reach will help YEAY scale the international market.
The Berlin-based app, which was founded in 2015, went into beta in July 2016 and is the first global market targeted at Generation Z – or those born after 1995 – that combines branding, broadcasting and buying to help people, brands and designers sell products using vertical video. The app came out of beta in January 2017 and has since had more than 4 million video views, along with 500,000 installs and 100,000 registered users in 160 countries worldwide.
Melanie Mohr, CEO and founder of YEAY, said: “Generation Z are the reason that m-commerce is now growing 200% faster than e-commerce and is expected to reach USD 600 billion in the next two years. These investments will allow YEAY to continue innovating so that we can gain even more traction with this generation of smart shoppers. We’re absolutely delighted to be working alongside such industry heavyweights who have invested in us.”
“We found that online shoppers are 86% more likely to make a purchase after watching a product video,” said Mohr. “Since buyers get a better view of the product, the return rate decreases by 30%. Additionally, we have found that buyers are more likely to make a second purchase and buy more products per shopping session. For brands, YEAY provides the opportunity to create an emotional connection with the buyer through creative videos.”
“Melanie has convinced us with her exciting vision when she presented YEAY at the Unternehmertag 2017. It is a great investment for Mountain Partners and we are eager to help the company scale internationally with our global network”, says Dr. Cornelius Boersch, Founder and President of the Board of Directors at Mountain Partners.