We Got Funded: Live Video Engagement Platform Getbee Raises US$1.8 Million In Pre-Series A Funding Round Founded in 2018 by Thea Myhrvold, Getbee aims to empower brands to offer live, social personalized services and enhance a consumer's online retail experience.
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UAE-based Getbee, a live video engagement platform, has raised US$1.8 million in a pre-Series A round from Altitude Capital, B&Y Venture Partners, +VC and DAI, as well as strategic angels, including Careem co-founder Magnus Olsson.
Founded in 2018 by Thea Myhrvold, Getbee aims to empower brands to offer live, social personalized services and enhance a consumer's online retail experience. The startup offers a fully integrated B2B software solution that connects brands to their online customers and offers services such as virtual appointments, live video consultations, assisted shopping, sharing recommendations, payments and completing a purchase via video. Plus, Getbee's software is also integrated with tech partners such as Shopify and BigCommerce.
"Throughout history, commerce has always been about people buying from people," says Myhrvold. "With Getbee, we are bringing back this experience to the digital era. Our vision is to transform the way billions of people buy and sell online."
Based in the UAE, the startup also works with clients in Europe, US and Latin America, with a focus on retail headquarters in Europe and the US as well. Some of its clients includes Lancôme, Dermalogica, and Dolce & Gabbana. Besides positive results on customer lifetime value, Myhrvold reveals the company have seen a conversion rate of 20-50% amongst its clients: "Meaning, people drive more sales, but also repeat customers and average basket value."
According to a statement from Getbee, the funding round was significantly oversubscribed and represents a huge milestone for the startup. Gaith Yafi, founder and Managing Partner of B&Y Venture Partners, notes how Getbee is leveraging an untapped opportunity. "The trillion-dollar e-commerce and retail industries need to find new ways to connect, engage, and convert their customers, while consumers are looking for a different kind of shopping experience that is both virtual and more personalized," he says. "With Getbee, we are backing a high caliber team, led by an exceptional and passionate founder, that is ideally positioned to capitalize on these growing trends."
Looking ahead, Myhrvold and her team are planning to utilize the new capital to accelerate its market adoption with leading retail brands. "We are building out enhancements from a user journey but also in terms of making the platform self-deployable (pure SaaS) play, where anyone can create their own platform instantly," she concludes. "Our vision is to build the new industry standard in how people buy and sell online. We have global ambition."
"TREP TALK: Thea Myhrvold, founder and CEO, Getbee
What's your advice to fellow entrepreneurs seeking funding in the post COVID-19 era?
"Build relationships and focus on the story and how you are relevant in this new world. I have closed deals over Zoom and video calls. Make sure you build strong relationships that transcend a screen. And ultimately, that's what we do with our ethos of our software too."
Related: Crafting Connections: Dubai-Based Tech Startup GetBEE Is On A Mission To Humanize The E-Commerce Retail Sector