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Posted on October 1, 2018 by staff

Social shopping platform bags additional funding

Social shopping platform bags additional funding

WeShop is a social eCommerce platform
WeShop is a social eCommerce platform

A “cutting-edge” social eCommerce platform which boasts partnerships with major brands has secured an extra funding of £200,000 from an existing backer.

AIM-listed Two Shields Investments has raised £500,000 through a share placing and is making an additional investment in WeShop.

The company’s digital platform focuses on improving the online shopping experience by combining reviews, likes and shares with an “engaging” retail eCommerce offering tailored to the individual user.

Led by tech and retail professionals Matthew Hammond and Andrew Lawley, WeShop already has retail partnerships in place with major brands and retailers including ASOS, Harrods, Nike, Tesco and Boots.

The platform has benefitted from an investment of more than £10 million to date.

“We had an opportunity to up our stake in WeShop and believe that the potential upside warrants returning to the market, said Charlie Wood, chairman of Two Shields.

“WeShop is backed by high profile investors and led by a team with first rate knowledge and experience in the retail sector, and we believe is ideally placed to capitalise on its early mover advantage and become a global leader in the rapidly growing social e-commerce sector.  

“Heralded as the next phase of the online retail revolution, social e-commerce is forecast to become a US$350 billion market over the mid-term, a disruptive area that we want exposure to.”

Prior to this deal, Two Shields had made an initial investment of £150,000 in WeShop in July 2018.