Seoul-based e-commerce company Levit, the operator of the shopping app Alwayz, has secured US $ 46 million in a Series B funding round led by DST Global Partners. This recent funding brings Levit’s total raised capital to US $ 67 million since its inception.
Levit aims to enhance the online shopping experience by making it more entertaining and affordable. Unlike traditional e-commerce platforms, Alwayz incorporates social features such as short videos and gamification to engage customers.
Alwayz has also introduced a ‘Shorts’ feature, where users can watch short videos and receive discounts on their shopping as a reward.
The platform attracts customers with its low-price products and employs a consumer-to-manufacturer (C2M) model, eliminating various intermediaries in the supply chain.
Levit’s CEO and co-founder, Jaeyun Kang, stated that their platform’s average product selling price is approximately 20 per cent cheaper than the lowest prices found on other e-commerce platforms. This affordability is made possible by enabling lesser-known brands to sell their products more efficiently through discovery-based shopping on Alwayz, eliminating the need for extensive marketing expenses.
Alwayz claims to have amassed 1 million users within three months and has now reached 7 million users, with 2.5 million monthly active users and 1.3 million daily active users in just one and a half years. Currently, the app has nearly 20,000 registered sellers. Additionally, Levit is planning to expand its platform to the US market.
