London-based Purple Dot raises €1.49 million to disrupt the fashion industry with a new fintech approach
Summary
Founded in August 2019 by senior Skyscanner employees Madeline Parra (CEO) and John Talbott (CTO), Purple Dot is helping fashion brands tackle wasted inventory, drastic sales tactics, and the profit erosion that comes with it. Purple Dot allows consumers to request a ‘worth-the-wait’ lower price, and in return, retailers may then decide whether or not to release a product mid-season at a slightly reduced rate. The Purple Dot payment method sits alongside ‘buy now, pay later’ finance options, but does not look to drag consumers into unsustainable debt. This way, Purple Dot’s technology can help protect profit margins for fashion brands, by significantly reducing discounting levels across the lifecycle of a range of products. Purple Dot tackles this problem head on by providing a new way to shop, taking on unsustainable, unrelenting consumerism, poor pricing tactics and profit-crunching sales at the same time.” Pietro Bezza, General Partner at Connect Ventures, stated: “For Connect Ventures our investment in Purple Dot extends our thesis of investing in teams who leverage software and a product-first approach to solving real-world problems.
Funding
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