Malaysian social media platform Ulalive bags US$300k pre-seed funding - before launch
By Digital News Asia June 16, 2021
- Funds directed towards product development, acquiring content creators, growth plan
- Platform aims to provide AR-based e-commerce experience, content subscription
ULALIVE, a Malaysian live-streaming social media platform offering built-in e-commerce solutions to local content creators, announced that it has raised US$300,000 pre-seed funding from angel investors.
The funds raised will be directed towards product development, acquiring content creators as the platform’s early adopters, and furthering a growth plan that will enable greater access to e-commerce solutions, Reez Bubble Technologies Sdn Bhd, which built and operates Ulalive, said in a statement.
As part of their product development, Ulalive said it will be performing its user acceptance testing (UAT) internally by early of August 2021 before it rolls out the beta version of the platform to its community.
It said it has engaged a number of influencers from various industries including fashion and beauty, health, travel, and food and beverage as early adopters.
“We are absolutely thrilled and grateful to our angel investors for their trust and confidence in our vision,” said Afham Fareez (pic), founder and chief executive officer of Ulalive.
“Their support showcases the strength behind the concept and idea that we have for this new product, which will revolutionise social media platforms and fuel the growth of the creators’ economy in Malaysia and beyond,” he claimed.
Afham said Ulalive is built to push real-time information between influencers and their followers or small businesses and customers, which he said creates positive social impact between these two groups.
Established in April 2021 and developed by ReezBubble Technologies, Ulalive is a technology startup with a core mission to provide a comprehensive platform for creators and their followers to communicate with each other using live video streaming as its core.
The brand's goal is to provide e-commerce solutions to users who are aspiring to be entrepreneurs while having the freedom of earning a fixed monthly income through content subscription.
The income each creator earns on the platform is determined by the number of subscribers they have, it said.
For example, creators will be able to charge a subscription fee, for as low as US$0.24 (RM1) a month, to whomever who wants to subscribe to their exclusive content.
The greater the number of people subscribe, the higher their earnings without going through complex algorithms, the startup said.
This will greatly benefit creators like make-up artists, cooks, personal trainers, motivational speakers and others who want to share their expertise through exclusive valuable content, it said.
“As more people are staying connected online, creators and sellers can potentially opt to simultaneously interact with their viewers while monetising [their content].
“Ulalive comes with an efficient shopping experience where users can sell their products on the platform as it is equipped with a checkout function that allows buyers to simply view and buy items at an instant,” claimed Afham.
He added that Ulalive is about to create augmented reality (AR) social and shopping experiences, which the company said can present users with a 3D display of the items they are about the purchase.
“With the full features of Ulalive integrated, we are confident that we’ll be able to quadruple users’ engagement rate and ultimately increase their sales conversion rate by 30%,” claimed Afham.
Ulalive’s other features include having Full HD video quality of up to 4K, on top of a private space subscription, multiple guest invitations to join live sessions (with switchable camera source) and an interactive personalised chatting gamification, it said.
Beyond that, scheduled countdown enables creators and sellers to notify their followers about any upcoming product launches and the viewers are able to purchase their pre-orders before its official launch date, and creating targeted and effective awareness and engagement for any campaign, the startup said.
Ulalive’s virtual launch is set to take place in the fourth quarter of 2021 with early adopters being able to participate via live interaction with a number of well-known local celebrities who will be in attendance, the company said.
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