The Desire Company Secures $97M Valuation in Series B to Expand Expert-Driven Product Review Solution
Unveils Retail RMEDI 360 Platform, Redefines Shopper Experience with Seamless Integration of Trusted Product Education
Chicago, IL (June 4, 2024) – A pioneer in expert product education, The Desire Company has concluded its Series B funding round, catapulting its valuation to $97 million. This funding infusion positions the company to capitalize on the escalating demand for authentic, expert-driven content, particularly from Retail Media Networks (RMNs) and is timely given the Federal Trade Commission’s heightened focus on transparent marketing practices.
The funding coincides with the debut of The Desire Company’s Retail RMEDI 360 (Retail Media Expert Distribution Ignitor). The platform is designed to enable brands and retailers to seamlessly integrate expert product education throughout the shopper experience, empowering consumers with valuable information to make informed purchasing decisions.
Through its unique approach to educating shoppers about products, The Desire Company has driven results for over 80 brands. Clients have reported a 12x conversion boost, 62% increase in time on-site, and 25% growth in average order size.
“With the close of our Series B raise, and the launch of The Desire Company’s Retail RMEDI 360 platform, we’re not just introducing a new product, we’re setting a new standard for retail media technology.” said Eric Sheinkop, Co-Founder and CEO of The Desire Company “Brands and retailers are seeking to expand beyond their traditional commerce media models and integrate trusted product information directly into their shopper’s purchasing journey. Our platform promises to transform how shoppers access product education at the crucial point of decision.”
The Retail RMEDI 360 platform offers brands and retailers access to a comprehensive suite of tools and seamless integration, streamlining the management and distribution of expert-driven video content.
Key features include:
Content Integration Across Consumer Journey: Seamlessly embed expert-driven video content into every part of the consumer journey, from social media to product detail pages (PDP), email, and SMS for post-purchase engagement.
Shoppable QR Codes for In-Store Use: Generate unique shoppable QR codes, enriching the in-store experience by giving consumers access to expert product education content.
Analytics Dashboard: Gain valuable insights into video performance, allowing clients to optimize their content strategy and drive engagement effectively.
The go-to expert-driven product review partner for prominent brands and retailers, The Desire Company boasts an extensive network of experts spanning 114 verticals. From Olympic athletes to renowned chefs, leading nutritionists, veterinarians, and celebrity makeup artists, The Desire Company's experts bring credibility and expertise to shoppers, sharing real-world experiences in authentic video reviews.
This latest funding round, led by Cleveland Avenue LLC and supported by Valor Siren Ventures, will fuel the expansion of the company’s expert community and elevate content production capabilities to cater to the growing needs of RMNs.
Jon Shulkin, Co-President and Partner at Valor Equity Partners, expresses his confidence in the company’s unique approach, stating, "As brands increasingly reallocate their advertising investments towards Retail Media Networks, we believe The Desire Company is poised to capitalize on their demand for product education content that drives results at retail. To us, their expert review solution stands out for its authenticity, cost-effectiveness, and proven efficacy"
Co-founded by entertainment marketing executive Eric Sheinkop, and Coca-Cola Company veteran Judith Levey Sheinkop, The Desire Company disrupts the retail marketing landscape by prioritizing credible industry experts over social media influencers. CEO Eric Sheinkop emphasizes, "By pairing brands with credible industry experts, The Desire Company empowers shoppers to be informed, not influenced. As the only provider of authentic expert product review videos, we stand as the reliable solution to combat the proliferation of fake reviews."
About The Desire Company
The Desire Company is the leading provider of expert-driven product videos. With a mission to help shoppers make confident purchase decisions, The Desire Company is committed to providing consumers with authentic insights into the products they’re shopping for. The Desire Company’s community of credible industry experts share their hard-earned knowledge and experience to ensure that shoppers are informed, not influenced.
About Cleveland Avenue
Cleveland Avenue is a global venture capital firm that invests in lifestyle consumer brands and technology companies that positively disrupt large and growing markets. To learn more, visit www.clevelandavenue.com.
About Valor Equity Partners
The Valor Siren Ventures (VSV) mission is to be the leading innovation engine and investor in early-stage food, food technology, retail, and retail technology investing. Rooted in Valor’s history of food and retail technology, Valor believes there is an opportunity to develop a new model for venture investing with VSV. Our team aspires to create value by generating differentiated investment opportunities, applying our intellectual capital, and accelerating the growth of portfolio companies through operations assistance in scaling.
Notes to Editors
Retail Media Networks have been growing at an impressive rate and represent the largest revolution in advertising since the inception of digital advertising 30 years ago. According to WARC Media, Retail Media Networks are expected to grow 10% in 2024 to a total of $141.02 Billion in ad spend, eclipsing linear television within a few years. In 2024, Retail Media Network ad spend will represent 20% of the market according to Advertiser Perceptions. A Deloitte survey of 450 retail executives revealed that 64% of U.S. Retailers plan to implement a Retail Media Network by the end of 2024.
