The 1st automated online wardrobe platform Finseed funds $5 million. Founded by CEO Whitney Casey and Brooklyn Decker, the pioneer automated online wardrobe platform “Finery” with predictive analytics for styling and shopping, raised $5 million in seed funding.
The seed funding round was led by NEA with participation from Farfetch, BBG Ventures, Adrian Cheng through C Ventures, Correlation Ventures, Next Coast Ventures, Halogen Ventures, RetailMeNot founder and CEO Cotter Cunningham and TheSkimm founders, Carly Zakin & Danielle Weisberg.
Funds will be used to grow the company’s team of developers and data scientists.
Finery, with a proprietary, automated backend process does integrate seamlessly with a user’s shopping history & purchase patterns, optimising the 2nd most valuable room in the home – a woman’s closet.
Since its launch, Finery has garnered more than 100,000 users.
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The platform is taking a technology-first approach to fashion, retail & women’s personal wardrobe, a space that is typically dominated solely by e-commerce.
This is the consumer-facing platform that allows women to shop across any brand or retailer and see all their purchases instantly in only one place. Thus, Finery helps generate styled looks from the items users have already purchased & is building highly personalised shopping recommendation processes that are based on what every user already owns, reducing redundancies.
Proprietary technology of this platform acts as a consumer advocate that empowers women to own their information on wardrobe spending and utilise it to their benefit by making more informed decisions about how they budget their time & money.
Furthermore, to help women shop smarter, the Finery’s management technology detects recent purchases, providing alerts when return window of some item is about to expire, while it is also monitoring for potential price adjustments. Additionally, Finery notifies users when items they’ve been looking to buy go on sale.
Finery’s team is creating a completely connected closet platform, closing the retail loop from purchases to recommerce. They have built a powerful algorithm combining inventory management, styling, purchasing & accessibility to help an individual manage wardrobe. The tech is unique in that it is the 1st time we can understand the entire lifecycle of a wardrobe, from purchase, to usage, to the day it gets retired or resold.
This round of investors does join Finery ‘s founding angel investors, that include Brooklyn Decker and Andy Roddick who is a former professional tennis player; and Miroslava Duma, who is founder and CEO of Fashion Tech Lab; as well as Nasiba Adilova, co-founder of The Tot.
