TRUSS Secures Investment from FIGR Ventures
Deal News | Dec 11, 2024 | Business Cloud
FIGR Ventures, a newly formed family office fund, has taken its initial step into the world of investment by backing TRUSS, a London-based tech startup. TRUSS specializes in enhancing the fashion industry's resale sector with advanced AI-enabled data infrastructure. Established by Warwick University alumni, TRUSS aims to address significant hurdles in the industry, such as product transparency, by creating comprehensive product profiles. These profiles, accessible from a single photo, aim to streamline product listing, enhance searchability, and bolster conversion rates. The recent investment of £300,000 from FIGR will enable TRUSS to unlock a £1.1 million Innovate UK grant, fostering collaboration with entities like the University of Warwick, Depop, and Selfridges to refine a sophisticated algorithm for image recognition. Previously, TRUSS attracted funding from SFC Capital and other angel investors, focusing on supporting major fashion retailers with its innovative solutions. Fiona Humphries, managing director at FIGR, expressed enthusiasm about partnering with TRUSS, emphasizing the shared vision for transforming the fashion sector towards more sustainable practices.
Sectors
- Fashion Technology
- Venture Capital
Geography
- United Kingdom – Both FIGR Ventures and TRUSS are based in London, UK, demonstrating the geographical focus of their business operations and investment activities.
Industry
- Fashion Technology – The article discusses a tech startup that operates within the boundaries of the fashion resale industry, with technology being the primary aspect of the business.
- Venture Capital – FIGR Ventures, a venture capital or family office firm, is actively investing in early-stage companies, highlighting its role in funding and accelerating startups.
Financials
- 300,000 – Initial investment amount from FIGR Ventures into TRUSS.
- 1.1 million – The value of the Innovate UK grant that was activated through FIGR's match-funding investment.
- 345,000 – The amount raised in a pre-seed funding round led by SFC Capital and angel investors.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TRUSS | Target Company | Company | A London-based tech startup focused on enhancing the resale fashion market with AI-enabled data infrastructure. |
| FIGR Ventures | Bidding Company/Investor | Company | A newly established family office fund that invests in early-stage companies with innovation potential. |
| Warwick University | Collaborator | Institution | A partner with TRUSS in developing an algorithm for image recognition as part of the Innovate UK grant project. |
| Depop | Collaborator | Company | An online platform for buying and selling fashion items, collaborating with TRUSS on AI-driven projects. |
| Selfridges | Collaborator | Company | A high-end department store chain partnering with TRUSS in the development of AI algorithms for fashion resale. |
| SFC Capital | Investor | Company | A capital firm that led a pre-seed funding round for TRUSS, allowing them to develop their technology further. |