TRUSS secures £300k from FIGR Ventures to activate an Innovate UK grant and develop AI algorithms.
The funding from FIGR Ventures serves as match-funding for an Innovate UK grant supporting collaborative fashion resale projects.
TRUSS is a UK fashion tech startup that powers resale through artificial intelligence and detailed product data infrastructure. The company builds digital solutions to tackle product transparency and improve conversion rates for retailers.
TRUSS has secured £300k in new funding from FIGR Ventures to activate a larger Innovate UK grant. The capital will enable the startup to collaborate with the University of Warwick, Depop and Selfridges on a bespoke image recognition algorithm. In addition, the proceeds will finance team expansion, technological enhancements and the enrichment of the company product catalogue.
The investment marks the debut portfolio backing for FIGR Ventures, which was recently established as a family office fund. Alongside the financial contribution, the deal includes a board observer seat to support the company strategic growth. TRUSS previously raised £345k in a pre-seed round backed by SFC Capital and angel investors.
From the founder
"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."
Woody Lello
CEO at TRUSS
Use of funds
- 01Grow the team
- 02Continue product development
- 03Fund research and development