In a significant milestone for the fashion tech industry, UK-based startup Truss has secured a £300,000 investment from FIGR Ventures, a newly established family office fund. This investment marks FIGR Ventures' first portfolio investment and is set to propel Truss's innovative AI-enabled data infrastructure forward.
The Investment and Its Impact
The £300,000 investment from FIGR Ventures is pivotal for Truss as it provides the critical match-funding required to activate a £1.1 million grant from Innovate UK. This funding will be utilized to enhance Truss's technological capabilities, expand and enrich its product catalogue, grow the team, and develop further partnerships with businesses that can benefit from Truss's product.
Collaborative Projects
The investment will also support a collaborative project involving the University of Warwick, Depop, and Selfridges. This project aims to develop a bespoke algorithm that can instantly recognize fashion items from Truss’s database using a single image. This advancement will further solidify Truss’s position as a leader in AI-powered fashion resale technology.
Previous Funding and Growth
Truss had previously raised £345,000 in a pre-seed round led by SFC Capital, alongside angel investors. With this new investment, Truss is now well-positioned to continue supporting major fashion retailers and driving innovation in the circular fashion sector.
FIGR Ventures' Approach
FIGR Ventures, led by Managing Director Fiona Humphries, is committed to backing early-stage businesses that drive positive change in the consumer sector. The fund focuses on mission-driven startups, particularly those that address social and environmental issues. FIGR's approach is characterized by a personal and hands-on investment strategy, which sets it apart from traditional venture capital firms. Woody Lello, CEO of Truss, praised FIGR for their unique approach, noting that they were the only VC to meet the entire team before making an investment, which gave Truss confidence in their commitment to the company's vision.
Future Outlook
With this investment, Truss is poised to make significant strides in the fashion resale market. The company's mission to promote circularity in the fashion sector aligns perfectly with FIGR Ventures' goals of supporting businesses that drive major positive change. As Truss continues to grow and innovate, it is expected to play a key role in transforming the fashion industry towards more sustainable and ethical practices.
In the words of Fiona Humphries, Managing Director of FIGR Ventures, "We believe the fashion sector needs to change, we believe circularity is the answer, and we believe Truss is the way for businesses to achieve this. We’re delighted to be supporting the Truss team to achieve this mission."
The Investment and Its Impact
The £300,000 investment from FIGR Ventures is pivotal for Truss as it provides the critical match-funding required to activate a £1.1 million grant from Innovate UK. This funding will be utilized to enhance Truss's technological capabilities, expand and enrich its product catalogue, grow the team, and develop further partnerships with businesses that can benefit from Truss's product.
Collaborative Projects
The investment will also support a collaborative project involving the University of Warwick, Depop, and Selfridges. This project aims to develop a bespoke algorithm that can instantly recognize fashion items from Truss’s database using a single image. This advancement will further solidify Truss’s position as a leader in AI-powered fashion resale technology.
Previous Funding and Growth
Truss had previously raised £345,000 in a pre-seed round led by SFC Capital, alongside angel investors. With this new investment, Truss is now well-positioned to continue supporting major fashion retailers and driving innovation in the circular fashion sector.
FIGR Ventures' Approach
FIGR Ventures, led by Managing Director Fiona Humphries, is committed to backing early-stage businesses that drive positive change in the consumer sector. The fund focuses on mission-driven startups, particularly those that address social and environmental issues. FIGR's approach is characterized by a personal and hands-on investment strategy, which sets it apart from traditional venture capital firms. Woody Lello, CEO of Truss, praised FIGR for their unique approach, noting that they were the only VC to meet the entire team before making an investment, which gave Truss confidence in their commitment to the company's vision.
Future Outlook
With this investment, Truss is poised to make significant strides in the fashion resale market. The company's mission to promote circularity in the fashion sector aligns perfectly with FIGR Ventures' goals of supporting businesses that drive major positive change. As Truss continues to grow and innovate, it is expected to play a key role in transforming the fashion industry towards more sustainable and ethical practices.
In the words of Fiona Humphries, Managing Director of FIGR Ventures, "We believe the fashion sector needs to change, we believe circularity is the answer, and we believe Truss is the way for businesses to achieve this. We’re delighted to be supporting the Truss team to achieve this mission."
About Truss
Truss, founded in 2022 by Warwick University graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO), and Connor Mattinson (CTO), is a tech startup dedicated to transforming the fashion resale market. The company creates millions of detailed product profiles, allowing businesses to efficiently list products, enhance searchability, and improve conversion rates using just a single photo. This technology is crucial for major fashion retailers looking to streamline their resale operations and adopt more sustainable practices.
Truss, founded in 2022 by Warwick University graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO), and Connor Mattinson (CTO), is a tech startup dedicated to transforming the fashion resale market. The company creates millions of detailed product profiles, allowing businesses to efficiently list products, enhance searchability, and improve conversion rates using just a single photo. This technology is crucial for major fashion retailers looking to streamline their resale operations and adopt more sustainable practices.