London, UK – December 9, 2024
UK-based fashion tech startup TRUSS has raised £300,000 from FIGR Ventures, a newly established family office fund. This investment marks FIGR’s first portfolio entry and provides TRUSS with match-funding to activate a £1.1 million Innovate UK grant, enabling the startup to advance its innovative AI-powered fashion resale platform.
Transforming Fashion Resale with AI
Founded in 2022 by Warwick University graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO), and Connor Mattinson (CTO), TRUSS leverages AI to streamline the fashion resale process. The platform creates millions of product profiles enriched with detailed information, allowing businesses to list items using just a photo. This technology enhances searchability, conversion rates, and pricing accuracy, reducing the labor-intensive process of cataloging secondhand fashion.
Strategic Partnerships and Funding Impact
The Innovate UK grant supports a collaborative effort between TRUSS, University of Warwick, Depop, and Selfridges to develop an algorithm that instantly recognizes fashion items from images. This funding also enables TRUSS to expand its product catalog, team, and partnerships with major retailers and marketplaces.
TRUSS has already garnered attention for its mission to promote circularity in fashion by increasing transparency and extending the lifecycle of fashion items. This approach aligns with the industry’s shift toward sustainability and efficiency in resale markets.
A Personal Touch from FIGR Ventures
FIGR Ventures has not only provided critical funding but also taken a Board Observer seat to offer strategic guidance and hands-on support.
Woody Lello, CEO and Co-Founder of TRUSS, shared:
“FIGR has been an incredible partner, bringing not only funding but also invaluable advice and a rare hands-on approach. Their belief in our mission has been instrumental in advancing our technology.”
Fiona Humphries, Managing Director at FIGR Ventures, added:
“We started FIGR to back early-stage businesses driving positive change. TRUSS exemplifies innovation in the fashion sector, and we’re proud to support their mission to reshape the industry through circularity.”
What’s Next for TRUSS?
With the latest funding, TRUSS is poised to redefine fashion resale as a transparent, tech-driven industry. By addressing challenges in cataloging and pricing, TRUSS offers a scalable solution for businesses and reinforces its role in the emerging circular fashion economy.
For more information, visit truss.fashion
