{"id":942,"date":"2024-12-11T17:34:20","date_gmt":"2024-12-11T17:34:20","guid":{"rendered":"https:\/\/www.techsparx.co.uk\/south\/?p=942"},"modified":"2024-12-11T17:34:21","modified_gmt":"2024-12-11T17:34:21","slug":"figr-ventures-backs-fashion-resale-platform-truss","status":"publish","type":"post","link":"http:\/\/www.techsparx.co.uk\/south\/investment\/figr-ventures-backs-fashion-resale-platform-truss\/","title":{"rendered":"FIGR Ventures backs fashion resale platform TRUSS"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">FIGR Ventures, a newly formed family office fund, has announced its inaugural investment in TRUSS, a London-based tech startup revolutionising fashion resale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Founded in 2022, TRUSS is tackling a critical challenge in the resale sector: product transparency. The company leverages AI to create comprehensive product profiles containing detailed information, enabling businesses to efficiently list items using just a photo. This enhances searchability and drives higher conversion rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FIGR Ventures&#8217; \u00a3300,000 investment will unlock crucial match-funding for a \u00a31.1 million Innovate UK grant. This funding supports a collaborative project with the University of Warwick, Depop, and Selfridges to develop a pioneering algorithm that instantly recognises fashion items from TRUSS&#8217;s database using a single image.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to this investment, TRUSS secured \u00a3345,000 in a pre-seed round led by SFC Capital, alongside angel investors. The company is now actively supporting major fashion retailers with its innovative technology.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Woody Lello, Co-Founder and CEO, said:<em> \u201cFIGR has been an incredible investment partner for TRUSS, providing critical match-funding for our Innovate UK grant, as well as invaluable support. Their dedication and belief in our mission have been instrumental in advancing our technology and driving innovation forward. FIGR also provides a personal touch that\u2019s rare in the VC world.\u00a0<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cI immediately recognised that their approach was different \u2013 they were the only VC to ask to meet the entire team before making an investment.\u00a0This thoughtful, hands-on approach set them apart and gave us confidence in their commitment to our vision.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Image source: TRUSS (L-R: Connor Mattinson, CTO, Felix Jackson, COO, Woody Lello, CEO and Jack Cardwell, CIO)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FIGR Ventures, a newly formed family office fund, has announced its inaugural investment in TRUSS, a London-based tech startup revolutionising fashion resale. Founded in 2022, TRUSS is tackling a critical challenge in the resale sector: product transparency. The company leverages AI to create comprehensive product profiles containing detailed information, enabling businesses to efficiently list items [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[209],"tags":[119],"class_list":["post-942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","tag-london"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FIGR Ventures backs fashion resale platform TRUSS - Regional technology news - South - TechSparx - Business technology stories in the South<\/title>\n<meta name=\"description\" content=\"FIGR Ventures, a family office fund, has made its first investment in TRUSS, a London-based tech startup revolutionizing fashion resale. TRUSS uses AI to create detailed product profiles, enabling efficient listing and improved sales. The \u00a3300,000 investment will support a collaborative project with the University of Warwick, Depop, and Selfridges to develop a groundbreaking image recognition algorithm.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.techsparx.co.uk\/south\/investment\/figr-ventures-backs-fashion-resale-platform-truss\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FIGR Ventures backs fashion resale platform TRUSS - Regional technology news - South - TechSparx - Business technology stories in the South\" \/>\n<meta property=\"og:description\" content=\"FIGR Ventures, a family office fund, has made its first investment in TRUSS, a London-based tech startup revolutionizing fashion resale. 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