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- VeriShop, an online marketplace for independent and emerging brands, launched in 2018.
- VeriShop was founded by former Snap exec Imran Khan and former Quidc chief Kat Khan.
- Read the 16-page pitch the founders used to raise a $40 million Series B round in July.
When Imran Khan, former chief strategy officer of Snap, and his wife, Kate Khan, former head of Quidc, founded VeriShop in 2018, they wanted to create a marketplace that catered to luxury goods, a customer they felt was being neglected by big online retailers like Amazon. and Walmart.
“We want to create a platform that connects these independent and emerging brands with their fans and customers,” Khan told Insider.
VeriShop operates as an online marketplace where consumers can shop for items from independent and emerging luxury brands on their desktop and mobile devices. The marketplace includes features for inventory and inventory; Live broadcast capability; AI-driven recommendation engine; and the patented Shop Party, which allows groups of shoppers to shop together via group video chat. Start-up is deducted from each transaction.
More than 3,000 brands with over $1 billion in merchandise now sell through VeriShop, from the beach lifestyle-inspired men’s line Banks Journal to Veda, a women’s ready-to-wear collection focused on fitted leather jackets. As VeriShop has grown, so have the solutions it offers creators, which now include feeds and live streaming.
VeriShop raised a $40 million Series B round led by Lion Capital in July, which will be used to expand the startup’s features and capabilities. And while the startup may be growing its workforce, Khan doesn’t like to talk headcount on that front.
“Having more headcount is not the solution – improving productivity is the most important thing,” Khan said. “I don’t think that’s the right way to think about business. That’s how a busy organization breaks down. To me, it’s like, what are the problems you’re trying to solve, and how fast are we going to solve them? The problem?”
Here’s the 16-page deck VeriShop used to raise its $40 million Series B round:
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