On Facebook Messenger and other messaging apps, consumers are starting to see different sorts of ads. That’s because for Facebook and other companies, messaging is seen as ripe for monetization.
Fueling this trend, a London-Based startup named Threads just raised $20 million in Series A funding to market luxury fashion goods through any messaging app.
Sophie Hill, founder and CEO of Threads, said she started the business because luxury retailers weren’t effectively reaching younger consumers. Having struck a nerve with shoppers, Hill says sales have doubled every year since launching in 2010.
With the new funding, Hill plans to expand the company’s workforce from 90 to at least 140 employees before the end of the year, as well as open offices in Hong Kong and New York.
Threads already sells its good through WhatsApp, Instagram, Snapchat and WeChat.
Threads does not hold inventory. Rather, it reaches direct agreements with luxury brands and suppliers.
Targeting a wealthy demographic, Threads reports customers in 100 countries -- 70% of whom are under the age of 35.
The round was led by C Ventures, which invests in millennial-centric business, along with Highland Europe.