INSUBCONTINENT EXCLUSIVE:
Lookiero, the online personal shopping service for clothes and accessories, has closed a $19 million funding round led by London-based VC
MMC Ventures with support from existing investor All Iron Ventures, and new investors Bonsai Partners, 10x and Santander Smart
The company will use the backing to expand in its main markets of Spain, France and the UK
In June last year it closed a funding round of €4 million led by All Iron Ventures.The startup applies algorithms to a database of
personal stylists and customer profiles to thus provide a personalized online shopping experience to its customers
It then delivers a selection of five pieces of clothing or accessories curated by a personal shopper to fit the customer’s individual
size, style, and preferences
Customers then decide which items to keep or return (at no additional cost), allowing Lookiero to learn more about the customer’s tase
before starting the whole process again.By generating look-a-like profiles and analyzing previous customer interactions with each item,
Lookiero says it can predict how likely a user is going to keep a certain item from a range of more than 150 European brands from a
warehousing system that will ship more than 3 million items of clothing this year to seven European countries.It’s not unlike the
Lookiero’s main competitor is Stitch Fix (US), which has upwards of $1.5bn in annual revenues and IPO’d November 2017.Founded in 2015 by
Spanish entrepreneur Oier Urrutia, the company says it now has over 1 million registered users and has grown revenue by over 200% from 2017
to 2018.In a statement Urrutia said: “This investment round provides us with the necessary capital to further increase the accuracy of our
technology, which is really exciting
It will allow us to offer the best possible experience for our users and to continue expanding across Europe.”Simon Menashy, Partner, MMC
Ventures, said: “The migration of fashion brands online has improved consumers’ access to clothing, and there is now an almost
overwhelming amount of choice
At the same time, it can still be really hard to find exactly what is right for you, especially with high street retail stores in decline
Lookiero provides the best of both worlds, giving every customer a hand-picked selection from their personal stylist.”Ander Michelena,
co-founding partner of All Iron Ventures, said: “Even if what Oier and his team have achieved to date is remarkable, we believe that
Lookiero still has great potential to continue expanding internationally and to become a player of reference in a market segment where there
is still a lot to do in terms of innovation and user satisfaction”.
