Fashion tech start-up closes Series C to consolidate leadership positions across Europe
Perwyn, a family-backed private equity and growth capital investor, is pleased to have led a $30m Series C funding round in Lookiero, the online personal shopping service.
Founded in 2015 by Oier Urrutia, Lookiero combines the expertise of personal shoppers and a deep understanding of its customers with in-house recommendation algorithms to provide a fully personalised style experience to customers. By employing a customer’s style profile, Lookiero delivers a carefully curated selection of five pieces of clothing and accessories to fit a customer’s individual size, style, and preferences. Customers then decide which items to keep or return (at no additional cost), enabling Lookiero’s technology and personal shoppers to learn through feedback and improve future selections.
With a team of over 400 people, Lookiero currently has over three million registered users and has grown revenue by over 50% in the first half of 2021 year-on-year. Furthermore, Lookiero has increased the number of items that customers keep in each box by nearly 50% in the last 3 years, improving margins significantly.
Since its Series B funding round in 2019, Lookiero has taken significant steps towards further improving its service and customer experience. The company significantly broadened its stock and conducted a full rebrand in 2020, redefining the company mission and visual identity. Most recently, the company launched new mobile apps with new features and games that allow the company to learn more about its customers.
Technology enabled services is a core specialism for Perwyn and it has several other market-leading companies in its investment portfolio. Lookiero’s existing investors MMC Ventures, All Iron Ventures and Bonsai Partners followed on in the round.
Perwyn was advised by Squire Patton Boggs (legal), Omnicommerce (financial), Grant Thornton (tax) and Diligize International (technology). Lookiero was advised by Cuatrecasas.
Oier Urrutia, Founder and CEO of Lookiero, said that:
“This funding round will allow us to continue our expansion in Europe, with the launch in Germany this year. Furthermore, we are working on exciting new projects that will enhance our current proposition of offering new ways for our clients to define their style and discover the clothes they love in a personalised and thoughtful way. We are excited to partner with Perwyn on our next phase of growth.”
Andrew Wynn, Founder and Managing Partner of Perwyn, added:
“Lookiero is set for its next phase of international build-out in Germany, Western Europe’s biggest market. In harnessing technological developments and combining them with fresh thinking and a clear business strategy, Oier and his team have demonstrated their skill in creating a business that continuously improves and builds on its effectiveness from both a consumer facing and revenue generating point of view.”