Lookiero [https://lookiero.co.uk/], 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 U.K. In June last year it closed a funding round of ?4 million led by All
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), allowingLookiero
[https://crunchbase.com/organization/lookiero]to learn more about the customer?s
taste 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
It?s not unlike the well-worn Birchbox model. Lookiero?s main competitor is
Stitch Fix [https://www.stitchfix.com/](U.S.), which has upwards of $1.5 billion
in annual revenues and IPO?d in November 2017.
Founded in 2015 by Spanish entrepreneurOier Urrutia
[https://www.crunchbase.com/person/oier-urrutia#section-overview], the company
says it now has over 1 million registered users and has grown revenue by more
than 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,
[https://crunchbase.com/organization/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.?
As of now, the ban needs approval from the President and from lawmakers, both of
which will likely take place in a second cabinet session in November. The ban
will be imposed through an ordinance, and a legislation on the issue is expected
to be introduced during the Winter Session of Parliament.