THE WHAT? Social selling platform Replika Software has completed its Series A funding round, backed by the likes of LVMH Luxury Ventures and L’Oréal BOLD, the investment arms of their respective parent companies.
THE DETAILS Replika Software offers a social selling solution that enables brands to ‘empower their networks of social sellers to inspire and sell online’, with representatives from LVMH Luxury Ventures and L’Oréal BOLD (Business Opportunities for L’Oréal Development) now part of Replika’s Board of Directors.
THE WHY? With online sales booming, digital platforms are a strategic and solid investment, with both LVMH and L’Oréal having previously collaboration with Replika Software.
Replika is said to be using the funding in order to expand its global presence of brands and industries, ‘which can significantly benefit from creating new social selling channels’, as well as add new features, invest in technology and bolster its team to replicate the growth rate of the platform.
Kareen Mallet, Co-founder of Replika Software, said, “When we founded Replika, we envisioned a future where every brand would be able to benefit from the power of social selling. After concluding commercial arrangements with several Maisons of LVMH and brands of L’Oréal, it is tremendously satisfying to see that the investment arms of two of the world’s most forward-thinking companies have decided to invest in our vision. We’re thrilled to have their support as we enter this phase of growth and lead the industry towards humanizing online shopping.”