Gamitee Secures $4M Funding for Social Shopping Platform

Joyned Secures $4 Million in Seed Funding to Revolutionize E-commerce Social Engagement

Joyned, previously operating as Gamitee, has announced the successful completion of a $4 million seed funding round. This investment will be used to further develop its innovative e-commerce platform.

Platform Focus: Merchant-Driven Social Interaction

The platform is designed to empower merchants with greater control over their social engagement strategies. It shifts the focus from reliance on external social media platforms to fostering direct interaction on retailer websites.

Origin of the Name and Company Vision

CEO Jonathan Abraham explained the name change; “Gamitee” translates to “joined” in Hebrew. However, the company opted for “Joyned” to reflect its commitment to creating positive customer experiences and “spark joy” for its users.

Key Investors in the Seed Round

The funding round was spearheaded by a group of prominent industry leaders. These include Arthur Stark, former president of Bed Bath & Beyond, Yair Goldfinger, the founder of Dotomi and ICQ, and Rafael Ashkenazi, managing director and executive chairman at Hard Rock Digital.

Strategic Importance of Investors

Abraham highlighted the strategic value of each investor. He noted Stark’s extensive retail experience will be invaluable for U.S. market penetration. Goldfinger’s background in messaging app development and Ashkenazi’s expertise will further facilitate expansion and brand building within the U.S.

A Collaborative Shopping Experience

Joyned differentiates itself by enabling retailers to offer a collaborative shopping experience directly on their own websites. This eliminates the need for dependence on third-party social media platforms.

Shoppers can now easily invite friends to participate in the product selection process with a single click, all while remaining within the retailer’s online environment.

The Inspiration Behind Joyned

The concept for Joyned originated from a personal experience four years ago during Abraham’s wedding planning. Overwhelmed by numerous suit options and countless browser tabs, he envisioned a solution for streamlined, collaborative browsing.

He then partnered with co-founder Michael Levinson to begin developing the technology that would become Joyned.

Building on Existing Collaboration Concepts

While co-browsing isn’t entirely new – with previous attempts by companies like Netscape, Google, and Zoom – Joyned offers a more focused and specialized approach.

Technical Implementation and Integration

The company’s technology allows merchants to integrate a simple Javascript code snippet into their websites. This effectively creates a “plug-and-play” solution, compatible with platforms like Shopify.

This integration adds a “shop with me” button, enabling shoppers to invite friends to a shared shopping cart, create mood boards, and communicate directly with merchants.

Empowering Merchants and Bridging the Gap

“The core principle of Joyned is to empower merchants to control their shopping experience and facilitate shared shopping interactions,” Abraham stated. “It integrates the social element into online shopping, effectively reducing the divide between online and in-store experiences.”

Demonstrated Results and Benefits

Retailers utilizing Joyned have reported significant improvements in key performance indicators. These include reduced customer acquisition costs, optimized conversion rates, and increased customer loyalty.

Specifically, retailers have seen average sales increases ranging from 6% to 15% after friends are invited to join shopping sessions. They also experience up to 250% higher retention rates and a 40% boost in website traffic.

Future Plans and U.S. Expansion

The newly acquired capital will be instrumental in Joyned’s large-scale expansion into the U.S. market, where the company is already demonstrating positive results.

Plans include strengthening the marketing team in Florida and establishing dedicated sales and support teams.

Recent Growth and Sales Trajectory

Over the past year, Joyned successfully launched its platform and experienced rapid sales growth, nearing $500,000. The company is projected to reach $1 million in sales.

Looking Ahead: Series A Funding

Joyned is actively preparing for a Series A funding round, aiming to secure partnerships with three to four major U.S. brands to implement the platform.

A New Perspective on Social Media Marketing

Abraham emphasized the evolving landscape of social media marketing. “While social media has propelled the growth of large companies, merchants often find themselves reliant on these platforms,” he explained.

“Joyned offers a new perspective, granting merchants access to the inner workings of engagement and providing a significant competitive advantage.”