Spangle, a technology company behind the social marketplace platform Kanga, has announced it has secured $30.0 million in new funding. This capital infusion marks a significant step for the company, which operates a platform designed to enable influencers and everyday users to directly monetize their social influence through content.
Kanga functions as a social marketplace where brands integrate their products into in-app storefronts. Users can then tag and sell these products directly from their posts with a single click, streamlining the purchasing process by eliminating the need for external links or repeated entry of payment and shipping information. This system allows users to earn a 10% commission on every purchase made through their personal shops or content.
The platform offers a distinct value proposition for brands, providing direct sales data that can enhance their leverage in endorsement deals. Furthermore, Kanga serves as a cost-effective marketing tool, allowing fans and curators to host products in their own storefronts, thereby expanding a brand's reach through authentic user engagement. This model empowers a broader base of users to act as influencers.
The newly raised $30.0 million will be directed towards accelerating Spangle's strategic growth initiatives. The company plans to invest in further platform development, enhancing Kanga's features and user experience, and expanding its market presence. This funding is intended to support Spangle's mission to redefine social commerce and influencer monetization.
Looking ahead, Spangle aims to solidify Kanga's position as a leading platform for direct social selling, fostering a more direct and measurable connection between content, commerce, and community.
