Soona Raises $35M Series B to Revolutionize E-commerce Photography

The Rise of Virtual Photo and Video Shoots for E-commerce

The surge in online shopping, accelerated by recent global events, has created a greater need for services assisting merchants in establishing an online presence. Soona, a startup specializing in content creation for e-commerce, has secured $35 million in Series B funding to address this demand.

Soona’s Innovative Platform

Soona’s platform enables brands to produce content for their websites and marketing campaigns through “virtual” photo and video shoots. Instead of physically shipping products for traditional photography, brands can now actively participate in the process remotely and in real-time.

“Participating in a shoot with us is remarkably similar to joining a Zoom meeting,” explains Liz Giorgi, Soona’s co-founder and CEO. “Clients can view every photo and video clip as it’s being captured, providing immediate feedback to the photographer directly within the browser.”

Customers have the ability to request adjustments during the shoot, such as altering the composition or modifying props. A key benefit is the pay-per-asset model; merchants only pay $39 per photo or $93 per video clip for the content they choose to purchase.

Once selected, the final assets are delivered within 24 hours, ready for use across various online platforms. Merchants also retain access to past shoots, allowing for easy reordering of content.

Funding and Growth

This latest funding round, led by Bain Capital Ventures, brings Soona’s total funding to $51 million. Existing investors, including Union Square Ventures and Matchstick Ventures, also participated in the round.

The Team Behind Soona

Liz Giorgi brings extensive experience in media production, having previously founded internet video production company Mighteor. Her co-founder, Hayley Anderson, has a background in animation and served as a creative director at Mighteor before its acquisition.

Soona was initially founded in 2019, beginning with in-studio shoots and rapid footage uploads. However, the pandemic prompted a shift to a fully virtual model, which proved to be highly successful.

The company experienced substantial revenue growth, increasing by 400% from 2020 to 2021 and then by another 300% from 2021 to 2022. Soona currently serves approximately 10,000 merchants.

Customer Base and Business Model

Soona’s clientele includes well-known brands like Wild Earth, Lola Tampons, and Birchbox. The company operates on a transactional basis, with 63% of monthly revenue stemming from repeat customers.

The majority of Soona’s customers are e-commerce businesses generating between $1 million and $5 million in annual revenue, many of whom utilize the Shopify platform. The company is particularly strong in the cosmetics, beauty, and fashion sectors.

“We’ve made it simple for brands to invest in visual content by giving them control over when and how they spend,” Giorgi explains. “While we don’t currently offer subscriptions, it’s something we’re considering for the future.”

Competitive Landscape

While competitors like Pow Photography offer remote photo shoots, they lack Soona’s real-time interactive experience. Other companies focus primarily on basic product photography, while Soona specializes in creating richer, lifestyle-focused content.

Technology and Services

Soona’s proprietary technology provides a comprehensive online platform, including access to a diverse pool of models – both human and animal – and styling services. Photographers can work on a gig basis or transition to full-time employment.

Currently, Soona employs around 35 full-time photographers and collaborates with approximately 100 freelance photographers.

Future Plans

The new funding will be used to expand Soona’s model marketplace, which is a rapidly growing segment of the business. The company aims to triple the size of this platform in 2022, increasing diversity and offering new product presentation options.

Soona also plans to invest in technology that provides data-driven recommendations for photo shoot types, based on business data and merchant goals. The company has already launched shoots optimized for Amazon and Instagram, with plans for TikTok integration.

Furthermore, Soona intends to expand its API platform, integrating with additional e-commerce platforms beyond Shopify, such as Klaviyo and BigCommerce.

The company will also be expanding its engineering and product teams, with a focus on hiring outside of its current Minneapolis hub in Denver, Austin, and the Twin Cities.

Giorgi anticipates Soona’s continued growth will position it as a leading female-founded unicorn in the near future.