247tickets is a leading social commerce platform for entertainment in China, which just secured $2M in Series Pre-A led by Artesian Venture Partners with the participation from SOSV and Haitao Capital, and the company’s annual revenue in 2018 reached $4.9M. Greig Charlton, CEO at 247tickets and alumni of Chinaccelerator, joined us to share 247’s growth story today. After listening to this episode, you will understand how the new idea was born, how to deal with your competitors, the biggest challenge to run a business in China, and also how difficult it is to fundraise in China. In the future, 247tickets plan to utilize AI technology for personalizing the user experience.
[1:15] Introduce Greig and 247
[2:54] How did 247 start in Shanghai
[6:30] Why those existing platforms couldn’t solve the problem
[10:40] Traditional e-commerce VS Social Commerce
[12:50]Why social commerce has been more successful in China
[14:30] The market was too niche?
[17:53] User profile
[20:17] The team behind the product
[21:50] Find the right people to join your team
[24:10] Challenges to run business in China
[29:35] Work with other well-funded competitors
[33:31] Fundraising in China
[38:10] Future for 247
Many thanks to our host Oscar Ramos, guest Greig Charlton, editor David and Geep, producer Eva Shi, organizer Chinaccelerator and sponsor People Squared. Be sure to check out our website www.chinaccelerator.com
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