Imran Khan, who spent three years at Snap as chief strategy officer, has created a new retail company, Verishop, which aims to “bring joy back to online shopping, and do it at scale with the ease of online purchasing and fast delivery we’ve all come to expect.”
“When we talk to brands, many share our concerns about the current state of eCommerce,” said a blog post. “They want to grow their businesses online to reach millennial shoppers, but few platforms align with their values. They’re being asked to pay for better placement, battling unvetted third-party sellers and counterfeit products with little recourse, all to the detriment of their brand integrity.”
The company added that it will carefully evaluate and select brands that meet the platform’s standards and best serve its customer base. Citing a source with knowledge of the matter, CNBC reported that some of the businesses already signed on to sell on Verishop include beauty retailers Ursa Major and Indie Lee, bedding maker Primary Goods, and apparel brands J.O.A., Finders Keepers and N:Philanthropy. Verishop is also reportedly in discussions with a number of direct-to-consumer brands about partnering with the platform.
“We’re building an online shopping destination that will evolve to meet customers’ needs so our brand partners will thrive. We’re making a place that elevates our brand partners’ identities so customers will have more delightful opportunities to discover new products,” the post added.
In addition to Khan, Verishop’s leadership team includes his wife, Cate Khan, who spent eight years at Amazon, most recently as senior vice president of retail for the Quidsi business.
“Our team here at Verishop has deep knowledge in eCommerce, retail and online user behavior,” according to the company, which added that it is “armed with $17.5 million from investors, led by Lightspeed Ventures, to help fund our mission.”