Artificial intelligence (AI)-powered fashion marketplace Taffi has raised more than $2 million in seed financing, Magnitt reported Friday (Feb. 4).
Impact46 and Al-Rashed Group (ARG) led Taffi’s seed financing round, with participation from angel investors from WomenSpark, Sultan Al-Hokair, founder of the fashion retail company Eyad Mashaat, and Abhishek Sharma and Jamil Ahmad, founders of the apparel manufacturing marketplace Fashinza, the report stated.
“This latest funding round allows us to continue our mission to bring global fashion styles to consumers in the most intimate and personalized manner,” said Taffi Founder and CEO Shahad Geoffre, per report. “…From discovering styles to the right fit for you or the moment, the current eCommerce experience is still not the shopping experience we know modern technology can deliver. Moreover, the logistics and operations to achieve this experience are still tricky for regional retailers today, but the world is no longer a regional marketplace. Customers today demand global access and purchase opportunities and, at the same time, want it deeply personalized.”
Taffi’s AI-empowered fashion marketplace platform allows fashion stylists to manage their clients online and lets clients acquire new customers, showcase their online portfolios to new audiences and reach more customers around the world. It’s a global marketplace for brands and clothing providers that creates deeper connections and a better understanding of customers, the report stated.
“Whether our customer wants access to the latest local Paris fashion from Dubai, or the trending Tokyo street fashion on the streets of Cairo, Taffi’s mission is not simply about delivering clothes; it’s about opening new possibilities by empowering our customers with no constraints on how they could look, what they can access, and, more importantly, how they can feel about themselves every day,” said Co-Founder and Chief Technology Officer Pradeep Bisht, per the report. “Our technology and platform are built to deliver this connection, but, of course, clothes are a crucial component, so getting support from these key strategic investors, who share our vision of eCommerce, is an important next step in making it a reality for everyone.”
Last week, Sweden’s Hennes & Mauritz (H&M) unveiled its $1 billion capital expenditure budget for this year, and it plans to bring physical and digital retail to at least six additional markets, including brick-and-more locations in Ecuador, Kosovo and Cambodia. It is also planning an online expansion to Belarus, Colombia, Kazakhstan and more.
Read more: H&M Stokes Fast Fashion Fight With $1B Plan to Double Sales, Slash Waste