Facebook E-Commerce Platform Payvment Raises $6 Million
Payvment, a startup that allows anyone to create and operate a retail storefront on Facebook, has raised $6 million in Series B funding led by Sierra Ventures with a BlueRun Ventures participating in the round. This brings the startup’s total funding to $8 million.
Payvmentâ€™s Facebook App lets anyone create a retail store on the social network. The app lets you set up products, categories of products (i.e. shoes, T-shirts, sweaters), import photos, list terms of service and shipping options and more. Once you set up your online shop on Facebook, it will show up in a separate tab on your profile or page under â€œstorefrontâ€.
Since the company launched in November of 2009, over 40,000 businesses and individuals have started to sell goods on Facebook and over 500,000 Facebook users have shopped for products in stores using the Payvment app.
Most recently, Payvment launched the ability for for retailers to provide instant discounts and coupons to users that become Fans or â€œLikeâ€ their fan pages. Users can also review items from within the store and the ability to allow shoppers to carry their goods with them across thousands of Payvment-powered storefronts on Facebook. It makes shopping on Facebook almost like shopping at Target, where you can visit multiple departments and buy all of your diverse purchases at once. Payvment currently lists over 750,000 products on its storefront.
Payvment plans to use the funding to hire employees in engineering, online community support, marketing, product integration, retail coordination and other areas.
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