Lookiero, a Basque-based personal shopping startup, has raised €17 million in funding led by MMC Ventures. The round also saw participation from existing investor All Iron Ventures, alongside new investors Bonsai Partners, 10x and Santander Smart.
With this new funding, the company plans to continue its international expansion, strengthening its leadership position within Spain, France and the UK.
Partially, the funding will support the expansion of Lookiero’s London office, which currently house more than 20 employees. The UK is one of Lookiero primary markets, where the startup works with retail partners including Warehouse and French Connection.
Oier Urrutia founded Lookiero in 2015, which provides its customers with a fully personalised online shopping experience. The startup combines the knowledge of personal stylists, detailed customer profiles and in-house learning algorithms to support customers shopping experience.
Lookier customers receive a selection of five pieces of clothing or accessories carefully selected by a personal shopper, each piece is carefully chosen to fit the customer’s individual size, style, and preferences. Customers can then choose what to keep and what to return (at no additional cost). Lookiero’s technology and personal shoppers learn through feedback, so the service is always improving.
Lookiero’s revenue has grown by over 200% from 2017 to 2018 and today the platform has over one million registered users. Lookiero’s ‘recommendation algorithm’ assists the customers’ assigned personal shopper to pick the best options for each customer, so stylist know how likely a customer is to keep an item.
“This investment round provides us with the necessary capital to further increase the accuracy of our technology, which is really exciting,” said Oier Urrutia, founder and CEO of Lookiero.
“It will allow us to offer the best possible experience for our users and to continue expanding across Europe. Our new investors bring valuable experience and knowledge in branded direct-to-consumer tech, user retention, and internationalisation that will help to take Lookiero to the next level of scale.”