Online personal shopping service Lookiero revealed it has closed a $19 million funding round led by London-based MMC Ventures, as reported on Friday (Sept. 20).
Existing investor All Iron Ventures and new investors Bonsai Partners, 10x and Santander Smart also participated in the round. The funding will be used to expand in Lookiero's main markets of Spain, France and the U.K.
Founded in 2015 by Spanish entrepreneur Oier Urrutia, the company uses algorithms to provide users with a personalized online shopping experience. Based on the customer data, the company sends five pieces of clothing or accessories chosen by a personal shopper to fit the customer’s size, style and preferences. The customer then decides which items to keep or return. With each transaction, Lookiero learns more about the customer’s tastes.
Lookiero's inventory includes more than 150 European brands, with the platform shipping more than three million items of clothing this year to seven European countries. The company reportedly has over one million registered users and has grown its revenue by over 200 percent from 2017 to 2018.
“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," noted Urrutia.
Simon Menashy, partner at MMC Ventures, added, “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.”
“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," said Ander Michelena, co-founding partner of All Iron Ventures.