New firm FIGR Ventures has made UK-based Truss its first portfolio investment. Truss is a UK-based tech startup powering resale with AI-enabled data infrastructure.
This funding supports a collaborative project with the University of Warwick, Depop and Selfridges to develop a bespoke algorithm that can instantly recognise a fashion item from TRUSS’ database using a single image. The investment will be used to enhance TRUSS’ tech capabilities, expand and enrich the product catalogue, grow the team and develop further partnerships with businesses that can benefit from TRUSS’ product.
The new investment allows TRUSS to secure critical match-funding to activate a £1.1m Innovate UK grant. The tech startup has previously raised £345,000 in a pre-seed round led by SFC Capital, alongside angel investors, and is now supporting major fashion retailers with its technology.
The company, founded by Warwick University graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO) and Connor Mattinson (CTO), creates millions of product profiles which contain detailed information about any product. Businesses use this information to list products efficiently, enhance searchability and improve conversion rates.
CEO Woody Lello commented: “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.”
Fiona Humphries, Managing Director of FIGR Ventures added: “We are thrilled to have made our first investment into TRUSS. We started FIGR to back early-stage businesses with the passion, talent and innovation to drive major positive change in the consumer sector, and we believe TRUSS is a fantastic example of this. We believe the fashion sector needs to change, we believe circularity is the answer, and we believe TRUSS is the way for businesses to achieve this. We’re delighted to be supporting the TRUSS team to achieve this mission.”
The investment also gives FIGR a Board Observer seat.