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 using just a photo. This enhances searchability and drives higher conversion rates.
FIGR Ventures’ £300,000 investment will unlock crucial match-funding for a £1.1 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’s database using a single image.
Prior to this investment, TRUSS secured £345,000 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.
Woody Lello, Co-Founder and CEO, said: “FIGR 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’s rare in the VC world.
“I immediately recognised that their approach was different – they were the only VC to ask to meet the entire team before making an investment. This thoughtful, hands-on approach set them apart and gave us confidence in their commitment to our vision.”
Image source: TRUSS (L-R: Connor Mattinson, CTO, Felix Jackson, COO, Woody Lello, CEO and Jack Cardwell, CIO)
