Melbourne e-commerce platform Local Threads has raised $500,000 in pre-seed funding
The round was led by Dr Qin Ding, co-founder of EMQ, a data cloud warehousing platform, with support from angel investors Alex Yin, founder of fashion brand, UOOYAA, and Eric Liam.
Cofounders Adam Baodunnov, and Chris Young are hoping to empower Local Threads users with data ownership so they can monetise it via the platform’s Data Trade System.
The funds are earmarked towards accelerating platform development for the customer data ownership and trading systems. The data management platform will allow users to easily manage their data from a user-friendly app or web portal while shopping.
Baodunnov, a Uyghur serial entrepreneur with three successful tech startup exits in China under his belt, said they have a clear plan to achieve breakeven cash flow.
“End customers will be able to access their data generated from their shopping behaviour on Local Threads, including their personal information, product brands, sizes selected, price points of their searches and clicks and web browsing information,” he said.
“Given the need to protect customer data, including shopping behaviour, and the importance of data privacy laws across the globe, Local Threads is now placing control and choice back into the hands of the consumer.
“For the first time, with leading-edge technology and innovation, customers can now decide whether or not to share such private information. If the customer so decides, such data can be monetised with the customer even being able to select the type of data to be shared. No data will be shared unless the customer pre-approves it via the Local Threads Data Trade System.”
His co-founder Chris Yong, has 20 years of experience in retail, marketing and management. Together they want Local Threads to be the e-commerce marketplace for Australian-owned sustainable, ethical fashion and IoT products, and the world’s first e-commerce platform to provide customers data ownership, transparency and control.
Yong said their plan is to eventually integrate and grow the Local Threads network through strategic partnerships by linking its app and e-commerce platform with other websites, apps and media publishers through SDK networks.
“This will ultimately create a network where millions of users can manage, track, approve and trade their personal data through the Local Threads platform,” he said.
Local Threads will be available across the Windows, Mac and Linux platforms, with its mobile app currently in Beta version.