Although Facebook commerce platform Soldsie works by allowing brands to process purchases within the comments section of the social network, the $1 million in seed funding it announced Wednesday did not come via comments, but from a group of institutional investors.
Soldsie said participants in the funding round included 500 Startups, e.ventures, FundersClub, former Facebook employees Yun-Fang Juan and Jonathan Ehrlich, Peanut Labs Founder Prosper Nwankpa, and angel investors Elliot Loh and Tom Kelly.
Soldsie works by allowing brands to post their items, with pictures, on their pages via its platform, and interested Facebook users can comment “Sold!” and check out securely via PayPal. The company said it is currently processing more than $1 million in transactions per month from clothing boutiques like Jenny Boston Boutique to professional sports teams like the San Jose Earthquakes.
Soldsie CEO Chris Bennett said:
For brands, selling on Facebook can be easy and engaging and still bring in more sales. Facebook is about interacting, commenting on posts, and having conversations, and that’s exactly how our application works.
FundersClub Co-Founder and CEO Alex Mittal added:
Facebook commerce needed a fresh perspective, and that’s what Soldsie’s technology provides. Cracking the code on this market would be huge, and from what I’ve seen, Soldsie is well on its way.