Soldsie

Soldsie developed a social e-commerce platform designed to convert social media engagement into sales for retailers on platforms like Facebook and Instagram. The company was founded in 2011 by CEO Chris Bennett and CTO Arrel Gray, who met within the Silicon Valley startup community. They officially launched the service in May 2012, aiming to prove the viability of commerce directly within social media feeds. The founders' journey into social commerce was driven by the observation that merchants needed better tools to monetize their Facebook followings. Later, the same founding team launched Wonderschool, a platform to help teachers create in-home preschools, after Gray personally experienced the difficulty of finding adequate childcare.

The business operates by allowing retailers to post a product photo with its price and quantity on their social media pages. Shoppers can purchase an item by simply commenting with the word "Sold". Soldsie’s backend system then manages the transaction, from creating an invoice to inventory tracking and payment processing. This turns a brand's Facebook and Instagram pages into direct points of sale, streamlining the path from discovery to purchase. The platform targets small to medium-sized businesses, from clothing boutiques to professional sports teams, that want to leverage their social communities for direct revenue. Revenue was generated through a commission-based model, taking a percentage of each transaction processed through the platform. For instance, one plan involved a 3% fee on each sale.

The Soldsie service provided merchants with a comprehensive dashboard to manage sales, track customer comments, send invoices, and handle inventory, including waitlists for sold-out items. A key feature was the ability to automate invoicing, sending payment requests directly to customers via email after they commented. The system supported payments via PayPal and credit cards. The platform's effectiveness was noted in its ability to facilitate impulse buys, particularly for items priced under $50, and drive significant sales growth for its clients. The company raised a $1 million seed round in March 2013 from investors including 500 Startups and e.ventures, and later secured a $4 million Series A round in May 2014, led by First Round Capital. By May 2014, the platform had processed over $25 million in transactions. After years of operation, Soldsie announced its closure, expressing gratitude to its community and partners.

Keywords: social commerce, comment selling, Facebook commerce, Instagram selling, e-commerce platform, Chris Bennett, Arrel Gray, social media sales, online retail tools, social shopping, direct-to-consumer, digital commerce, inventory management, online invoicing, 500 Startups, First Round Capital, social media monetization, retail technology, comment-to-buy, social selling automation