Memmo.me, a video greeting platform that connects celebrities with fans and businesses, has raised $10 million in Series A funding. The lead backer was Left Lane Capital.
LONDON & STOCKHOLM, SWEDEN: FEBRUARY 25TH 2021 – memmo.me, the video greeting platform that connects celebrities one-to-one with fans and businesses, has raised a $10M Series A funding round, led by New York-based Left Lane Capital, a VC firm with a proven track record of backing successful marketplace companies.
Others participating in the round include Lukasz Gadowski (Delivery Hero co-founder), FJ Labs (marketplace fund founded by Fabrice Grinda), Maria Raga (CEO of shopping app Depop), Spencer Rascoff (co-founder of Zillow Group), Inbal Leshem (former Operations Director at Groupon), Fredrik Hjelm (Voi Technology CEO & co-founder), Dennis Yang (former Udemy CEO), and Elias Aalto (co-founder of food delivery unicorn Wolt). Harley Miller, Founder and Managing Partner at Left Lane Capital, joins the memmo board.
memmo’s explosive growth since being founded just over one year ago has seen the company launch in its native Nordic region, Canada, the United Kingdom, and across Europe. The company will use this Series A to further expand globally and to cement its position as Europe’s sector leader.
memmo currently has thousands of celebrities live on its platform with about 100,000 video messages created globally. The platform has been used for a range of recorded videos, including proposals, pep talks, roasts, and gender reveals, with the likes of Carole Baskin (Tiger King), Mike Modano (NHL Hall of Famer), Sven-Göran Eriksson (former England soccer team manager) available.
In addition, memmo, which has raised over $12M to-date, will be building out its product to enable even more fans and businesses to connect with celebrities, including the introduction of live calls, with celebrities available on-demand, and the growth of memmo’s B2B offering. memmo For Business enables companies to request messages in order to help with sales, marketing, and also boost employee engagement. Videos for congratulating staff, presenting internal awards, or making announcements as part of marketing materials, have all been requested via the platform.
“Our mission is to break down the barriers that previously prevented fans and businesses from engaging with famous personalities,” comments memmo CEO and co-founder Gustav Lundberg Toresson. “Last year we took a leading position in Europe and Canada. Demand skyrocketed in Q4 and then just continued to rise in 2021. The year ahead is going to be one of rapid growth because the foundations we have built will enable us to further capitalize on society’s continual embracing of digital experiences, so we couldn’t be happier to welcome Left Lane onboard, a firm with a strong track record for backing marketplace-driven companies. Their expertise, knowledge, and network will be invaluable for us.”
Harley Miller, Founder and Managing Partner at Left Lane Capital, comments: “We’ve been impressed with the pace at which memmo has expanded their offering across markets, where localization is critical to unlocking marketplace liquidity. The ability to monetize the gap between wealth and fame for talent & celebrities, all the while allowing them to engage deeply with fans, is a trend that was only further underscored by the pandemic. We look forward to supporting the memmo family in their journey, and are honored to partner with such an ambitious team.”
The Digitization of Greeting Messages
Since the outbreak of the COVID-19 pandemic, with restrictions limiting human interactions and live entertainment, memmo has seen demand for its fun and lighthearted greetings skyrocket. Sales grew by over 50% every month between July 2020 and January 2021.
Carefully Managed and Highly Localized Market Launches
Before launching in a new market, memmo takes time to truly understand the local culture and utilizes teams to work with people on-the-ground well in advance of any public rollout. With this unique geo-targeting approach, memmo not only provides relevant local talent with prime exposure on its platform, but also ensures that customers receive the very best experience possible, rather than being presented with a one-size-fits-all interface.
“We could probably launch in every country in the world right now, if we wanted to, but that would go against our philosophy of providing world-class experiences,” adds Gustav Lundberg Toresson. “Our market launches are carefully managed and highly localized. By doing this we become the preferred partner for talents who want to meaningfully connect with fans and businesses, while at the same time creating a new revenue stream for them.”
memmo.me is a platform that allows fans and businesses to request personalized video greetings from public figures, celebrities, sportspeople, and influencers. Founded in September 2019 by Forbes 30 Under 30 Gustav Lundberg Toresson (CEO) and Tobias Bengtsdahl (COO), memmo is headquartered in Stockholm, Sweden, and employs a team across Stockholm, London, North America, and throughout Europe. For more information please visit www.memmo.me
About Left Lane Capital
Left Lane Capital is a New York-based ‘breakout’ growth equity firm. We invest in high-growth internet & consumer technology companies that build lasting relationships with customers. Our mission is to partner with extraordinary entrepreneurs creating category-defining business that are fundamental to the human condition and spirit. For more information please visit www.leftlanecap.com