In 2020, Jawn Lawrence wandered the Eniac Ventures residency program looking for a product, and found inspiration in some Pokémon cards.
He joined a Facebook group for Pokemon collectors and began watching people post what he called “ripping and delivering” where they tore packs of Pokemon cards and sold them.
“It was interesting, but the real experience was very bad,” Lawrence recalls. “The video was slow, the chat was a log, and you also had to pay using five different payment methods. However, people were still coming to buy and they were very engaged, super good and super involved. ”
Lawrence came up with a deck of cards for himself, but also with the idea of building something better. He and Samip Shet started hacking together what would happen Dig in January 2021.
Lawrence believes Drip is “Shopify for Live Commerce,” which provides tools so users can conduct live auctions, reset or buy it in formats through the existing Drip market.
Live commerce is most popular in China Sales are expected to reach $ 423 billion in 2022. This is comparable to the American live commerce market that is ready to reach Sales by 2024 are $ 35 billion.
Drip also competes in an increasingly crowded landscape where it dominates What else and Popshop. To take advantage of this future demand, the company is also developing some unique features that allow users to embed live streaming into their web properties so they can simultaneously capture most of their audience, and developers from other developers create experiences on top of our ecosystem.
In addition, sellers can raise cash or cryptocurrency for their physical products and soon NFT based on Ethereum. At the moment, Drip is reducing transactions by 6%, with Lawrence saying that in the future they can create a subscription product.
The company initially brought in several hundred thousand dollars of initial funding, but began to grow more than 20 times the monthly amount and grew to a team of 19 people. That’s when Lawrence and Shet decided to go for extra funding. They raised another $ 28.5 million in the combined round of Serie A and Serie A, which included $ 23 million in Serie A dollars with a valuation of more than $ 100 million.
Rounds were conducted by Base10, Kindred, Eniac Ventures and Harlem Capital featuring a group of angel investors, including Axie Infinity founder Jeff Zirlin; Nick Tamaina, general partner of 1confirmation and early hiring Coinbase; Brian Long and Andrew Jones of Attentive; Ramnik Arora, head of product at FTX through his Toy Ventures Foundation; and Chris Bennett, CEO of WonderSchool.
With this new round of funding, Drip will scale its NFT sales efforts, including chain transactions with Ethereum and acquisition vendors, as well as decentralizing access to its live sales capabilities and team growth, especially in engineering, products, partnerships and operations. .
One of the fuzzy behaviors seen by the co-founders of Drip is some users who are actually filming screenshots of NFT discoveries or have a friend in a video chat with them. This is something the company is going to change.
“Overall, the experience of buying NFT is a very social experience,” Lawrence added. “Now people seem to be hacking it together. Being part of a community is a major interaction, and videos will solve that problem and also help engage the community afterwards. ”