Joyus, a startup that is like an online shopping network, has received $24 million in funding, as per WSJ this week. If you have not yet heard of Joyus, it is a startup shooting short shopping videos and posting them online. Essentially, it’s the equivalent of a web-based Home Shopping Network. Each video features at least one product. Alongside the videos are advertisements so that video viewers can get the products they see on the screen at the same time.
The funding round received big help from Steamboat Ventures, which is an affiliate of Walt Disney Co. Other companies involved in the funding round included Time Warner Investments, Accel Partners, and Marker LLC.
Joyus has been called the QVC for the next generation. The founder of the Joyus startup is Sukhinder Singh Cassidy, who plans to use the funds to improve the quality of the video shown on its platform. Funds will also increase the number of videos being taken and allow for an expansion of studio space. Cassidy co-founded the startup with Dianna Williams, who is also Vice President of Product.
Joyus videos mainly happen on Joyus.com; that is about 75 percent of views. As well, websites such as AOL and People that always have updated content run the videos. When those publishers run their videos, Joyus gives them revenue share as part of the business agreement.
Previous investors in Joyus include Interwest, who was also in this latest funding round. Joyus focuses on products in the sectors of beauty, healthy living, and fashion. From lipstick to jeans, there is an assortment of products. The company ships across all 50 states of the US. The startup Joyus has been featured in the news in iMedia Connections, Racked, 33 Voices and more. We look forward to watching Joyus grow in the online space.