The latest data from Pitchbook shows that slightly less than 10% of all VC funding in the UK goes to female led tech start-ups (defined as start-ups with at least one female co-founder). For some reason when you turn the data round and state that over 90% of VC back tech start-ups have all male founding teams you get more of the sense of how unacceptable this situation is... Read the full article here
BECOCO, has announced a £350k seed funding from a consortium of strategically selected investors. UK’s reputable Startup Funding Club led the investment, which also saw the participation from the London Co-Investment Fund alongside selected industry angels from tech, fashion and PE setors.
Keeping up with its momentum, this investment came after BECOCO was backed by Innovate UK twice in a row last year and selected by the CFE (Centre for Fashion Enterprise) to join their pioneering fashion business incubator.
At its core, BECOCO is developing B2B2C products that enable fashion retailers to make highly personalized clothing recommendations to their customers, both online and in-store. The technology is powered by computer vision and complemented by expert styling expertise as well as a deep understanding about the modern consumer. Product recommendations take into consideration a shopper’s unique body shape, colour complexion and personal preferences. Founder Katharina Vandamme-Eybesfeld said: “We have spent the past year tailoring our styling interface to consumers’ needs and desires by building it from the ground up together with them. The idea that everyone could have their own curated clothing selection matching their unique profiles really excited them.”
The funds will be used to expand the team to drive forward the momentum BECOCO has already built with global fashion companies in Europe. “We are very pleased to get the backing of such prestigious and innovative investors who believe in our vision and mission. Our personalization proposition is a true win-win as it is as much about bringing increased traffic and conversion for retailers as it is about boosting shoppers’ emotional confidence when it comes to fashion and dressing.” said the founder.
BECOCO’s constant endeavour is to amalgamate tech and fashion while placing the customer at the core of this junction. Katharina concludes: “Most attempts to solve some of the biggest problems in fashion retail have been made by start-ups comprising of men, who knew tech. We believe that it takes more than that, which is why BECOCO’s vision and team is driven by an equal understanding of fashion and creativity on one side – as well as data and science on the other”.
BECOCO have been award a second grant by Innovate UK in the Robotic and Autonomous Systems category. The grant will be used to carry out a human-centred design research project; that will aim to guage a deeper understanding of consumers in the fashion space allowing BECOCO to tailor their recommendation engine to the needs ot both consuers and retailers.
FashTech are delighted to announce that EMEL+ARIS, BECOCO, HIGHER, FAVOUR UP, MESHMERISE and OKAUTUMN are the latest recruits on our FashTech Pioneer Programme.
Innovate UK - a non-departmental public body - has been awarded a grant for a Robotic and Autonomous Systems project. The grant will be used to develop technology that takes advatntage of machine learning and computer vision to build a fashion recommendation system that will ultimately improve customer experience and cut the rate of returns.