Retail

Stylitics Notches $15M In Series B Funding Round

Stylitics Notches $15M In Series B Funding Round

With Series B funding, outfit-based shopping recommendation startup Stylitics has raised $15 million. The company was first known for a mobile app called ClosetSpace that offered outfit recommendations and inspiration to shoppers, according to reports.

The startup has now reportedly notched a total of $21 million. The new round was led by PeakSpan Capital, with the participation of Trestle LP. Phil Dur, PeakSpan’s co-founder, is also coming onto the board of Stylitics.

Dur said in a statement, according to reports, “With the rapid growth of digital commerce, retailers are scrambling to keep pace with the consumer demand for more visually exciting and compelling shopping experiences.”

Stylitics’ app is still live, but its focus has reportedly moved toward retailer tools. For example, the company is powering widgets for “Wear It With” and “Ways to Wear It” recommendations for apparel sold online.

Stylitics Founder and CEO Rohan Deuskar said the company has the ability to offer useful recommendations from the beginning, without the need to train the technology using a merchant’s data. “We have billions of data points from powering outfitting on dozens of sites for more than four years, so we have a very good idea on day one what an excellent and high-performing outfit should look like for each product for a new customer,” Deuskar noted.

In separate news, LetsBab enables consumers to shop, recommend products and earn money through its new app amid a rise of influencer-sponsored items on social media. The service lets consumers receive rewards for serving as reviewers. The app has 85 brands in the U.K. and 90 brands in the U.S. Labels on the platform include Boohoo, ASOS and Coach.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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