There is no stopping it. The The sale of clothes on the Internet is increasingly present in our society. Users go to these sales channels because it provides them with a more convenient and simple purchasing process, but they also highlight other advantages such as the wide range of products on offer, the possibility of making purchases at any time and the faster purchasing process as they do not have to wait in queues.
Lookiero is a latest subscription-based online fashion sales model generation. Using Artificial Intelligenceoffers its users five garments a month selected from more than a hundred European fashion brands. After answering a series of questions online, customers receive the clothes at home, adapted to their style, size and personal preferences, and decide which garments to keep and which to return, at no additional cost.
In just three years, the company has developed a proprietary technology capable of estimating the probability of a user deciding to keep the garments received after analysing the interactions of thousands of customers with similar profiles thanks to recommendation algorithms. This use of Artificial Intelligence is also applied in the field of operations, warehousing and logistics.
It is a business model that increased Lookiero's revenue by 200% in 2018, and has quickly attracted the attention of private investors.
The Basque start-up has sold part of its shareholdings in a financing round from 19M$ led by London capital MMC Venturesand in which new investors have also participated, such as Bonsai Partners, Santander Smart Fund y Seed Capital Bizkaia.
With this operation, the company will be able, on the one hand, to increase the precision of its technology., and to strengthen Lookiero's leading position in its main markets: Spain, France and the United Kingdom. It will also be able to expand its operations to new European countries and improve the efficiency of its prediction algorithms.
New investors will be very important in achieving these goals, bringing valuable technology expertise, ecommerce and internationalisation that will help Lookiero to face the next challenges with guarantees.
This is not the first round of financing for the company, which in 2018 sold part of its shares for the first time by raising €4 million thanks to the support of All Iron Ventures.
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