Spring (application) explained

Spring
Type:Private
Predecessors:-->
Successors:-->
Hq Location City:New York City
Areas Served:-->
Industry:M-commerce E-commerce, Retail
Owners:-->
Founders:Alan Tisch, Ara Katz, David Tisch, Octavian Costache

Spring was an E-commerce platform that connected retailers and shoppers using a direct-to-consumer sales model.[1] The company, headquartered in New York City, launched its mobile marketplace on August 14, 2014.[2] It raised over $30 million in venture funding by 2015.[3] The platform was recognized by Apple as one of the Best apps of 2014.[4] In October 2018, the membership service ShopRunner announced the acquisition of Spring[5] and closed the platform in 2019.[6]

History

Spring was founded in 2013 by the brothers Alan and David Tisch, former Google employees, Octavian Costache, and Ara Katz. The company originally operated as Jello Labs, and announced the name change to Spring in July 2014 when it raised $7.5 million in Series A round funding led by Thrive Capital.[7] [8] The company chose the name Spring to mirror the shopping area on Spring Street in SoHo, Manhattan.[9] The app was officially launched on August 14, 2014, with 250 brands selling their products on the iPhone-based platform.[10] In April 2015, Spring raised $25 million in a Series B round of venture funding led by Box Group that included Yuri Milner, Google Ventures and Thrive Capital.[11] Spring launched a desktop version of the shopping platform in November 2015.[12] [13]

In March 2016, Spring launched a "personal shopping assistant" on Facebook's bot store.[14] In December 2016, Spring had 1,300 brands on the platform including Marc Jacobs, Helmut Lang and Coach. Spring raised $65 million in a Series C round of venture funding led by Fidelity Investments that included previous investors in May 2017.[15] As of May 2017, Spring sold items from over 1,500 retail brands[16] [17] and had a gross value of over $100 million.[18]

Operations

Spring was launched using a mobile first or m-commerce strategy and the company operated without a website until 2015. It did not stock any inventory directly, and instead used a drop shipping methodology to fulfill orders.[19] The site also curated personalized collections and offered users brand recommendations.[20]

Notes and References

  1. Web site: Spring, An E-Commerce Start-Up, Aims at Mobile Shopping. Isaac. Mike. August 14, 2014. The New York Times.
  2. Web site: Spring: What's Working- And What Isn't- Six Weeks In. Sherman. Lauren. September 30, 2014. Fashionista.
  3. Web site: Swipe-To-Buy App Spring Raises $25 Million to Become the First Big Mobile Shopping Mall. Shontell. Alyson. April 16, 2016. Business Insider.
  4. Web site: Apple Says These Are the Best Apps of 2014. Fitzpatrick. Alex. December 8, 2014. Time.
  5. Web site: Confirmed: ShopRunner acquires Spring, raises $40M. 2020-07-15. TechCrunch. en-US.
  6. Web site: Stephanie. Crets. 2019-05-15. ShopRunner dives deeper into marketplace offerings after Spring acquisition. 2020-07-15. Digital Commerce 360. en-US.
  7. Web site: David and Alan Tisch Raise $7.5 Million For Stealthy Mobile Shopping Startup Spring. Griffith. Erin. July 9, 2014. Fortune.
  8. Web site: David Tich's Stealthy Mobile Commerce Product, Spring, Closes $7.5M Series A. Crook. Jordan. July 9, 2014. TechCrunch.
  9. Web site: Quick Purchases, Sleek Brands, No Social: How New App Spring Looks to Crack Mobile Shopping. Konrad. Alex. August 14, 2014. Forbes.
  10. Web site: This App Will Change the Way You Shop Forever. Macon. Alexandra. August 14, 2014. Vogue.
  11. Web site: Spring Raises $25 Million To Grow Its Mobile Shopping App. Brooke. Eliza. April 16, 2015. Fashionista.
  12. Web site: Shopping App Spring Proves To Be An Inexpensive Asset For Young Brands. Brooke. Eliza. November 24, 2015. Fashionista.
  13. Web site: Spring, The Shoppable Instagram, Closes $25 M In Series B. Crook. Jordan. April 16, 2015. TechCrunch.
  14. Web site: Shopping Startup Spring Launches One Of First Bots On Facebook Messenger. Arthur. Rachel. April 12, 2016. Forbes.
  15. Web site: Spring Seals New Funding Deal From Fidelity, Kushner's Thrive Capital and Others. New York Business Journal. Anthony . Noto. May 11, 2017. August 12, 2017.
  16. Web site: Del Rey. Jason. May 11, 2017. Fidelity is Betting $65 Million That The Spring App Can Be A Department Store of the Future. August 12, 2017. Recode.
  17. Web site: McDowell. Maghan. December 5, 2016. Why Spring is a Tech Company in the Fashion Space. WWD.
  18. Web site: 2018-10-05. Hyped Shopping App Spring Is About to Be Acquired. 2020-07-15. The Business of Fashion. en-GB.
  19. Web site: Shopping App Spring's Redesign Could be a Game-Changer. Yi. David. June 7, 2016. Mashable.
  20. Web site: 7 Retail Startups Changing the Way We Shop. Reynolds. Cormac. September 16, 2016. Tech.co.

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