Lockerz Receives $7.5 Million in Funding
Setting Waves for Fashion Social Networks
Lockerz, a social commerce network, has just raised 7.5 million in new funding. The financing came from existing investors, Kleiner Perkins and Liberty Media. Other investors include Live Nation and DAG Ventures. This round brings Lockerz’ total funding up to $80 million.
Lockerz was built on the concept that people within a social network can become brand representatives and influence their peers. Lockerz is geared towards women and men in the range of age 13 to 30. Members are awarded “PTZ” for sharing images and videos on the website, which are discounts for merchandise carried at the Lockerz online store. Lockerz members had saved millions of dollars on products so far, which equals to 3 billion PTZ. The goal is to establish a community of stylish and hip individuals who shop and interact online. Lockerz has acquired many companies including Chick Approved, Plixi, Off & Away, and AddToAny.
Lockerz’ website layout is a combination of street photography fashion blogs and Pinterest, which is quite appealing for a fashion lover like me. Upon entering the homepage, it was covered by fashion-inspired images. One cannot help but keep scrolling down the page to see more. The Lockerz store merchandise was also trendy and inexpensive. One can get a very good deal if you earn many PTZ. I feel that the selection is still on the smaller side and more high-end items can be added. Nonetheless, Lockerz’ content already gives me a sufficient reason to return.
By Luyao Li