This women-led fashion tech lands funding to create virtual fitting and makeup room experience using AI — TFN – Tech Funding News
In 2022, companies have adopted fresh approaches to online creativity and e-commerce, with shared wardrobes, nonfungible tokens, gaming “skins,” and virtual fashion edging closer to the mainstream. On similar lines, London-based Vestico, a fashion tech using AI to help online shoppers find the perfect sizes and shades while buying a product has secured a £250K investment.
The funding came from early-stage focused London-based venture capital firm Jenson Funding Partners (which invested in Axioma, ZappedSkin and Sküma Water).
As per the company press release, the investment will be used by the company to develop its technology further and transform the next generation of e-commerce. The company has already partnered with Spanish fashion label Desigual and expects to launch its service for more international brands over the next year.
Maia Sasania, co-founder and CEO at Vestico, said: “Vestico was created to give shoppers confidence and inspiration to buy items they will keep. Our mission is to represent every single shopper in their favourite brand’s stores and equip them with critical information to prevent returns. Our driver is our knowledge that five years from now we will fundamentally transform the way people shop online. This investment will help us continue to grow our team and develop our platform to scale and service the largest brands on the planet.”
Sarah Barber, CEO at Jenson Funding Partners, added: “We’ve all experienced shopping for clothing online, from figuring out the right size to purchase to going through the process of returning things that just don’t fit well enough. It can be such a frustrating practice and what Vestico has developed is exactly what’s needed in the eCommerce dominated marketplace we find ourselves in. Vestico is solving a real-world problem by helping shoppers nail down the sizes they need and by doing that, helping the environment too by cutting down on the volume of returns that create so much unnecessary waste. We are delighted to have backed such a forward thinking company.”
AI e-Commerce Personalisation
Fashion is the largest e-commerce industry across the world with the highest product return rates of up to 60% and lowest conversion rate of 1.7%. The beauty industry trails behind fashion and occupies the second spot.
Founded in 2020 by Benedikt Hirmer, Maia Sasania, and Maddie Forman, Vestico was created to solve this problem by giving shoppers a platform to select the right product sizes and shades from the start, combining user-generated content with proprietary AI to show shoppers how clothes and cosmetics look on real people most like them before they make their purchases.
Hirmer is a founding member of the Photos AI team at Apple and a former SW Engineering Manager and is widely considered as one of the top engineering talents worldwide. Maddie has spent five years in B2B sales at Diageo as the youngest sales manager. She is a London Business School MBA & an Oxford University alumnus. Sasania has over 7 years of product and marketing experience from fortune 500 companies and holds an MBA from London Business School.
Currently, the two-year-old startup has a team of five, which females dominate, and two of its three founders are females.
Earlier this year, the company launched Vestico for Beauty to help the industry be more representative of its shoppers and ensure customers find the right shade when buying beauty products online.
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