Lookiero to Expand in Germany After Fresh Funding Round
The tech start-up uses AI to help detect consumer fashion preferences.
PARIS — With fresh financial backing, personal shopping start-up Lookiero plans to expand in Germany, signaling the growing role of artificial intelligence in discerning consumer taste in fashion.
“This funding round will allow us to continue our expansion in Europe with the launch in Germany this year,” said Oier Urratia, founder and chief executive officer of Lookiero. The executive added that the company is working on methods to help consumers define their style in more personalized ways.
Founded in 2015, the start-up is based in Bilbao, and is present in seven countries in Europe, including the U.K., France and Spain. The latest round of funding, led by private equity firm Perwyn, came to 30 million euros.
With the help of in-house recommendation algorithms, the company's personal shoppers choose five garments to send to a client, and the information of what is kept and what is returned feeds the start-up's technology to improve future selections. It culls clothing from 150 labels, like Lee and French Connection, depending on the country.
The company employs 400 people and counts 3 million registered uses.
A series B funding round in 2019 helped the company improve its customer experience and increase the amount of labels it draws on, adding footwear, maternity and higher- end labels. A “look and like” app draws on a method akin to the Tinder app, helping to build the company's data about style preferences.