Sagoon, a social commerce platform, announced on Tuesday it secured $3.3 million through its Regulation A+ offering on November 30th. The company has so far attracted $4.8 million altogether (additional$1.5 million was secured through private funding) and more than 3,000 investors contributed through the funding round. The company also announced it was officially launching its platform and its more than 1.1 million users will now have access to their accounts through the mobile app.
“Sagoon solves a glaring problem in today’s U.S. social media landscape – U.S. social networks are not set up for e-commerce. Direct commerce between users and sellers and amongst users is prohibited, and users earn no financial rewards for being a direct source of revenue. There is also a missed opportunity to make gift cards, coupon offers, and discounts purely social.”
Key features of Sagoon include:
- My Day: Enhance your productivity and simplify your life by creating schedules, to-do lists, and setting reminders. Share these activities with your friends to plan meet-ups around your schedules.
- Mood Talk: Mood Talk is a chat feature that enables users to communicate using “moods” rather than words, as a real-time expression for how you are feeling at a given time. Users can set custom moods to happy, sad, sick, etc., which vanish after 24 hours.
- Secret: Secret allows users to learn, explore, and experience different ideas and communities within the comfort of an anonymous space. Users can share their secret to the public and seek advice without being judged, or send one-on-one secret messages that vanish after they are read.
Another feature, called Social Smart Card, is under development and planned for release later this year. The Social Smart Card is a digital card for all the shopping and gifting needs of users. While sharing details about the app, Govinda Giri, founder and CEO, Sagoon, stated:
“We are thrilled to announce the availability of our Sagoon app, and to enable our users around the globe to connect and share from their favorite Android mobile device. We’ve recognized that current social platforms do not meet the needs of the broader global audience, and we feel confidently that Sagoon will help to fill that void. This is an exciting time for the Company, as we continue the development of the Social Smart Card, which we anticipate will be a game changer for social commerce when it releases later this year. We are excited to provide the first true opportunity for users to Connect, Share, and Earn.”
Sagoon added that the launch of the app and successful funding come on the heels of an invitation to the 2017 Global Entrepreneurship Summit, a conference for select entrepreneurs and investors to promote innovation across the globe.