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1. An Amazon that makes shoppers shareholders.

2. Instagram Shopping, but users earn equity in the company for their purchases and referrals.

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• Social Commerce Platform: Provides an online marketplace where users can shop from numerous retailers and share their purchases with a community, blending e-commerce with social interaction.
• Cashback and Share Rewards Program: Offers users financial incentives, either as cashback or equity shares in WeShop, for shopping through its platform and engaging with the service.
• Affiliate Marketing Channel: Serves as a performance-based marketing channel for partner retailers, driving traffic and sales to their websites in exchange for a commission.

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WeShop (WSHP) operates a social commerce platform that primarily serves individuals, rather than selling its core service directly to a few major corporate customers. While WeShop's revenue model involves earning commissions from thousands of brands and retailers (who could be considered partners or indirect customers), its primary offering is a platform for individuals to shop, share, and earn rewards.

Therefore, WeShop primarily sells to individuals, and its customer base can be categorized as follows:

1. Shoppers: These are individuals who use the WeShop platform to browse, discover products, read reviews, and make purchases from a wide array of brands and other users' shops. They are motivated by convenience, product discovery, and the social aspects of shopping, including potential rewards.
2. Social Sellers/Content Creators: These individuals actively create their own personalized "shops" on WeShop, curate product lists, create engaging content, and share recommendations with their networks (both on and off the platform). Their primary motivation is to earn rewards, including company shares, based on sales generated through their shared links. They act as micro-influencers or affiliate marketers within the WeShop ecosystem.
3. Community Members: This category includes individuals who primarily engage with the social features of the platform without necessarily being active shoppers or sellers. They might follow other users' shops, like content, comment on products, or share items with friends, contributing to the platform's overall vibrancy and network effect, which indirectly supports both shoppers and sellers.

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Richard Griffiths Founder & Chairman

Richard Griffiths is the founder and Chairman of WeShop. He has held a long-standing vision for a community-ownership platform for over a decade. Griffiths is also known as a private investor and previously served as the chairman of the music publisher Greensleeves Records. He has publicly stated WeShop's commitment to giving over 90% of the company to its community of users.

Alfie Greenway Chief Financial Officer

Alfie Greenway was appointed as WeShop's Chief Financial Officer in August 2024. He brings extensive experience in financial management across various regulated jurisdictions, including the Financial Conduct Authority (FCA), Jersey Financial Services Commission (JFSC), and the Chartered Institute of Management Accountants (CIMA). Greenway began his career in audit and tax as a fellow member of both the Association of Chartered Certified Accountants and the Association of Accounting Technicians. He is also a chartered member of the Chartered Institute for Securities & Investment (CISI) and has held CFO roles in diverse businesses, ranging from hospitality to financial services, with a focus on retail-oriented companies operating across multiple countries.

Andrew Lawley Managing Director

Andrew Lawley serves as the Managing Director of WeShop. He is an experienced private equity investor and a senior strategy leader, with a specialization in guiding businesses through significant scaling, transformation, and mergers and acquisitions (M&A). A qualified accountant, Lawley's career includes a decade as a Managing Director at RBS Special Opportunities Fund LLP, a private equity fund. He was also the Group Strategy Director for Dixons Retail Group plc, where he played a key role in its merger with Carphone Warehouse plc. Post-merger, he served as integration director and interim CEO of the services division. Lawley has also held roles such as Executive Chairman of Hunter Boot Limited and is currently a Partner at THI Investments.

Matthew Hammond Non-executive Chairman

Matthew Hammond is noted as a Non-executive Chairman for WeShop. He has a background as the managing director and CFO of Mail.ru, which is described as Russia's largest internet business by mobile daily audience. Additionally, he has served as a director and Chief Financial Officer of Therapeutics Acquisition Corp and a director and Chief Investment Officer of Research Alliance Corp II.

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1. Weak Financial Fundamentals, Ongoing Net Losses, and Liquidity Risk

2. Overvaluation and Share Price Volatility

3. Intense Competition and Challenges to User Acquisition/Profitability with Low Margins

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The aggressive expansion and increasing sophistication of native social commerce features and creator monetization tools on dominant social media platforms (e.g., TikTok Shop, Instagram Shopping, YouTube Shopping). These platforms are building comprehensive in-app ecosystems for product discovery, recommendation, and purchase, coupled with robust programs that enable creators and everyday users to earn commissions directly, thereby potentially diminishing the need and appeal of external social commerce platforms like WeShop.

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WeShop (WSHP) operates within the social commerce and broader e-commerce markets. Both of these represent substantial addressable markets globally.

The global social commerce market was valued at approximately USD 1.20 trillion in 2024 and is projected to reach around USD 26.83 trillion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 36.44% from 2025 to 2034. Other estimates indicate the global social commerce market size was USD 1.23 trillion in 2024 and is expected to reach USD 7.82 trillion by 2033, exhibiting a CAGR of 22.66% from 2025-2033. Another report estimates it will reach USD 6.2 trillion by 2030.

The global e-commerce market represents an even larger addressable market. Its size was estimated at USD 25.93 trillion in 2023 and is projected to reach USD 83.26 trillion by 2030, with a CAGR of 18.9% from 2024 to 2030. Another source suggests the global e-commerce market reached USD 26.8 trillion in 2024 and is expected to grow to USD 214.5 trillion by 2033, at a CAGR of 25.83% during 2025-2033. The global e-commerce market is estimated to be worth USD 6.419 trillion in 2025 and is forecast to grow to USD 7.89 trillion by 2028.

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WeShop (WSHP) is a community-owned social commerce platform that incentivizes shoppers with company shares for purchases, product recommendations, and new user referrals. The company generates revenue primarily from advertising and commissions on sales made through its platform. As a relatively new public entity with an estimated IPO date around November 2025, its future revenue growth is expected to be driven by the expansion and optimization of its core business model.

Here are 3-5 expected drivers of WeShop's future revenue growth over the next 2-3 years:

1. Growth in User Base and Engagement: A fundamental driver for WeShop will be the expansion of its active shopper base and an increase in user engagement. As a social commerce platform, more users making purchases, recommending products, and referring new members directly translates to higher transaction volumes and, consequently, increased commission and advertising revenue. The unique incentive of offering company shares to users is designed to fuel this growth.
2. Expansion of Retail Partner Network: WeShop's ability to onboard more retail partners beyond its current 800+ (as of March 2025) across the US and UK is crucial for revenue growth. Expanding this network will broaden the range of products available on the platform, attracting a wider audience of shoppers and directly increasing the potential for commission-based revenue. Future expansion into new geographic markets would further amplify this driver.
3. Increase in Advertising Revenue: As the platform's user base and overall engagement grow, WeShop becomes a more attractive venue for advertisers. This increased appeal is expected to drive higher advertising revenue through more ad placements, potentially higher ad rates, and the introduction of new advertising formats or partnerships.
4. Optimization of Commission Structures: While not explicitly stated as forward guidance, a potential driver lies in the optimization of the company's commission agreements. WeShop earns a percentage of commissions paid by retailers to affiliate networks. Negotiating more favorable commission percentages with these networks could directly enhance revenue per transaction without necessarily requiring a proportional increase in transaction volume.

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Share Issuance

• WeShop is pursuing a direct listing on Nasdaq, where registered stockholders plan to sell up to 4.0 million Class A shares, with the direct listing expected to raise about $100 million if priced at $25.40 per share.
• In March 2024, WeShop Holdings sold Class A shares in a private placement at a price of $6.40 per share (adjusted to $25.40 after a 1-for-4 reverse stock split).
• WeShop operates a "ShareBack" program where users earn "WePoints" convertible into WeShop stock following the Nasdaq listing, and users also receive a referral bonus of 1% of the amount spent by referred users as WeShop shares.
• In July 2023, WeShop conducted a six-figure equity fundraise at £4.76 per share, valuing the company at approximately £130 million.

Inbound Investments

• WeShop has raised $4.25 million in funding from investors including Delta Partners and Yahoo.
• In July 2023, WeShop conducted an equity fundraise at £4.76 per share, implying a company valuation of approximately £130 million.

Outbound Investments

• WeShop Holdings' most recent deal was a Merger/Acquisition with Boanerges on November 17, 2021.