Vestico, a London-based fashion tech company that uses AI to assist online buyers in finding the ideal sizes and hues while making a purchase, has received a £250,000 investment.
Jenson Cash Partners, a venture capital firm with an emphasis on early-stage investments in London, provided the funding to the fashion tech startup.
According to a press statement from the company, the investment will be utilized by the business to advance its technology and change the way that e-commerce is done in the future. The business already has a partnership with the Spanish fashion house Desigual and plans to introduce its service to additional global companies over the following year.
“Vestico was developed to give buyers confidence and inspiration to buy things they will keep,” said Maia Sasania, co-founder and CEO of the company. Our goal is to represent every customer in the retail locations of their preferred brand and arm them with vital knowledge to reduce return requests. Our motivation comes from the certainty that we will dramatically change how consumers shop online in five years. This investment will enable us to scale and support the biggest companies on the planet while also expanding our team and platform.
We’ve all had the experience of buying apparel online, from determining the correct size to buy to having to go through the procedure of returning items that simply don’t fit well enough, said Sarah Barber, CEO of Jenson Funding Partners.
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“It can be such a difficult practice, and what Vestico has produced is exactly what the market we are in needs to survive,” Sarah continued. By assisting customers in determining the sizes they require and reducing the number of returns that result in so much needless waste, Vestico is resolving a real-world issue. We are honored to have supported such a progressive business.
With the greatest product return rates of up to 60% and the lowest conversion rates of 1.7%, the largest e-commerce sector in the world is fashion. The second position is held by the beauty sector, which comes in second to fashion.
To address this issue, Vestico was founded in 2020 by Benedikt Hirmer, Maia Sasania, and Maddie Forman. Vestico gives customers a platform to choose the appropriate product sizes and shades from the outset and combines user-generated content with proprietary AI to show customers how clothing and cosmetics will appear on real people who are most like them before they make their purchases.
The two-year-old startup currently has a team of five, with a predominance of female employees, and two of its three founders are also female.
To ensure that customers discover the proper shade when purchasing beauty items online and to help the sector be more representative of its consumers, the business earlier this year introduced Vestico for Beauty.
Image Credit: Vestico