Lookiero, the online personal shopping service, today announces that it has closed a $30 million funding round led by the family-backed private equity and growth capital investor Perwyn, with follow on investment from existing investors MMC Ventures, All Iron Ventures, and Bonsai Partners. The additional funding takes the total funds raised by Lookiero to over $60 million in the last six years. The funding will allow the company to continue its international expansion, with a launch in Germany in the second half of 2021, and to strengthen its leadership position within its main markets: Spain, France, the UK and Italy.
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 selection of five pieces of clothing and accessories, carefully curated by a personal shopper, to fit the 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 3 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.
By generating lookalike profiles and analysing previous customer interactions with each item, Lookiero’s technology can accurately predict how likely a user is to keep a certain item from a range of more than 150 European brands. This ‘recommendation algorithm’ assists the customer’s assigned personal shopper to select the best suited items.
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, with the introduction of categories such as maternity, footwear and premium brands. It conducted a full rebrand in 2020, redefining the company mission and visual identity. Most recently, the company launched new iOS and Android apps, along with new features such as the ability to exchange an item for a new size and “Look&Like”, an engaging tinder-like game that allows the company to learn more about customers’ style preferences.
Oier Urrutia, Founder and CEO, Lookiero, said: “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.”
London-based Perwyn led the round. Consumer tech is a core specialism for Perwyn and it has several other market-leading companies in its portfolio including recipe box unicorn Gousto. Lookiero’s existing investors MMC Ventures, All Iron Ventures and Bonsai Partners followed on in the round.
Andrew Wynn, Founder and Managing Partner of Perwyn, added: “Lookiero is set for its next phase of international buildout 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.”