{"id":45650,"date":"2023-10-20T15:45:21","date_gmt":"2023-10-20T15:45:21","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/a-sydney-startup-with-500000-in-funding-wants-to-monetise-your-social-media-following-startupsmart\/"},"modified":"2023-10-20T15:45:21","modified_gmt":"2023-10-20T15:45:21","slug":"a-sydney-startup-with-500000-in-funding-wants-to-monetise-your-social-media-following-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/a-sydney-startup-with-500000-in-funding-wants-to-monetise-your-social-media-following-startupsmart\/","title":{"rendered":"A Sydney startup with $500,000 in funding wants to monetise your social media following – StartupSmart"},"content":{"rendered":"
\"Foenix<\/div>\n

A Sydney entrepreneur who has secured more than $500,000 for his tech fashion startup has now launched a new social shopping app enabling influencers to monetise their large following.<\/p>\n

Foenix Closet is a social shopping app designed to convert followers into buyers, created by Daniel Anisse.<\/p>\n

\u201cWe wanted to create more of a community within our app and more of a social shopping experience,\u201dAnisse tells StartupSmart.<\/em><\/p>\n

Monetising likes<\/h3>\n

On Foenix Closet, influencers can curate items they wear in a digital closet that their followers then watch.<\/p>\n

When followers buy an item from one of these closets, the influencer and Foenix score a commission on the sale price.<\/p>\n

\u201cIt\u2019s geared towards the influencer market,\u201dAnisse says.<\/p>\n

Seeing that many \u201csocial shopping\u201d platforms like Instagram or Pinterest are not actively converting followers into buyers, Anisse set about creating Foenix Closet, an app that would seize these moments and leverage the following of well-established social media influencers.<\/p>\n

But four years ago, Foenix was simply a fashion brand.<\/p>\n

\u201cOver time I evolved the model and started to work with a no-stock approach\u201dAnisse says.<\/p>\n

With his finger on the pulse for emerging trends, Anisse pivoted Foenix into an online fashion platform before embarking on the rollout of its social shopping app.<\/p>\n

Today Foenix, turns over more than $100,000 and features over 4 million products from 150 stores worldwide.<\/p>\n

Anisse expects these figures to grow with the uptake of its mobile shopping app.<\/p>\n

Raising for global expansion<\/h3>\n

In October last year, Anisse raised $400,000 in Series A funding to help bring the app to market.<\/p>\n

Proving the app was globally scalable with a strong roadmap and market differentiation were key points in drawing investment, he says.<\/p>\n

The Series A funding brought the tech startup\u2019s total external investment to more than $500,000.<\/p>\n

But it also gave Foenix a heavyweight board including My Sale CEO Carl Jackson and Fairfax and Woolworths South Africaboard member Patrick Allaway.<\/p>\n

\u201cWithin our board I put together there is a lot of global experience,\u201d Anisse says.<\/p>\n

He is now leading the company through another major capital raise with two venture capitalists in consideration.<\/p>\n

\u201cWe want Foenix to be the go to app when it comes to fashion exploration, for people to buy from their favourite influencers and be inspired by,\u201d Anisse says.<\/p>\n

He will be dedicating the new capital raised towards an aggressive approach to expand its influencer-partnership program overseas and on Instagram.<\/p>\n

\u201cIn my opinion, with Instagram their strategy is to keep people within their app,\u201d he says.<\/p>\n

\u201cIt\u2019s not a dedicated fashion app so by niching and creating this community that is fashion-focused we can still excel even if Instagram decides to put a \u2018buy\u2019 button on their app.\u201d<\/p>\n

Offering new tools, analytics and features, Annise says Foenix Closet will empower users with new ways to monetise the following they\u2019ve built.<\/p>\n

\u201cThere isn\u2019t much competition in social shopping space with giving commission back to influencers,\u201d he says.<\/p>\n

\u201cThis is something different that could give them potential to make direct sales and see revenue generated instead of just \u2018likes\u2019.\u201d<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter, and <\/em>LinkedIn.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Sydney entrepreneur who has secured more than $500,000 for his tech fashion startup has now launched a new social<\/p>\n","protected":false},"author":2,"featured_media":58647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,23,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45650"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=45650"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58647"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=45650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=45650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=45650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}