ShopThing

About ShopThing

ShopThing operates a live video commerce marketplace focused on the luxury goods sector, connecting a network of shoppers and influencers with consumers. The company was founded in 2018 by Maggie Adhami-Boynton, who currently serves as CEO. Adhami-Boynton, a 15-year startup veteran with a Master's degree from Harvard, drew upon her experience in the tech industry, including scaling a mobile app agency, and her passion for fashion to establish the platform. The idea was sparked in 2018 after observing the live shopping trend in Asia and identifying a gap in the North American luxury market. The journey began with Adhami-Boynton posting deals on Instagram Stories, which evolved into the current business model.

The platform enables shoppers to enter retail stores, including partners like Yves Saint Laurent and Nordstrom, and create live, shoppable video events. These events are streamed through the ShopThing mobile app, where an audience of over 500,000 users can watch, ask questions via live chat, and purchase items seamlessly. The company's model is distinct for its use of short-form video content rather than lengthy livestreams, creating an urgent, flash-sale-like experience with items available for a limited time. This approach serves as an alternative distribution channel for retail partners, helping them reach a wider audience and drive virtual foot traffic. A significant and growing part of the business is dedicated to pre-loved luxury goods, aligning with the circular economy. The business generates revenue by charging a commission on each sale. For marketplace sellers, this includes a transaction fee, a payment processing fee, and a seller protection fee for those using the company's shipping labels.

A key milestone for the Toronto-based company was securing a $10 million Series A funding round in March 2022, led by Origin Ventures with participation from Pritzker Group and Interplay Ventures. This institutional funding was aimed at scaling operations across new markets and categories, enhancing product development, and growing its network of content creators. The platform currently operates in several North American cities and ships across the U.S. and Canada, with plans for international expansion.