![]() ![]() The company is a current member of Tech Nation’s Applied AI 3.0 cohort, winner of Fashion District’s Retail Innovation Challenge in 2019 and a graduate of the Google for Startups UK immersion program.Ĭolin Greene, operational partner at Praetura Ventures added: “Sparkbox’s approach to inventory optimisation has the power to bring about massive changes in fashion and home retail, which is clearly behind the times when it comes to technology adoption within merchandising. ![]() Sparkbox’s artificial intelligence is used by River Island and Matchesfashion. “We are thrilled to have Prateura join us on our mission to modernise merchandising and put data behind the important pricing and inventory decisions our users make every day.” We know how much potential there is for AI and machine learning to improve profits and reduce waste in retail. The company was founded in 2019 by Lindsay Fisher, Matthew Wong and Kevin Blackmore.įisher commented: “As a team of former retailers, we’ve seen first-hand how the retail industry is advancing in many areas but falling behind when it comes to making data-driven decisions. Sparkbox uses artificial intelligence and data to help retailers make choices that improve profitability and reduce waste. The funding will be used to double its team and increase the number of retailers it works with. “We know how much potential there is for AI and machine learning to improve profits and reduce waste in retail, and we are thrilled to have Prateura join us on our mission to modernise merchandising and put data behind the important pricing and inventory decisions our users make every day.Manchester-based artificial intelligence startup Sparkbox has announced a £1.5m investment from fellow Manchester resident Praetura Ventures. Angel investment group Sparkbox Ventures and the ICEHOUSE business growth centre are joining forces to raise a specialised 4 million angel investment fund. Sparkbox has been selected for Enterprise City’s second startup exchange programme at Department Bonded Warehouse, which is supported by Praetura.Ī graduate of the Google for Startups UK immersion program, the company is also a current member of Tech Nation’s Applied AI 3.0 cohort and has previously been recognised as a Tech Nation Rising Star.įisher said: “As a team of former retailers, we’ve seen first-hand how the retail industry is advancing in many areas but falling behind when it comes to making data-driven decisions. “I’m looking forward to working with the team and sharing some of the lessons I’ve learnt from my time at Apple and the other tech businesses I’ve been lucky to work closely with over the years.” “Sparkbox’s approach to inventory optimisation has the power to bring about massive changes in fashion and home retail, which is clearly behind the times when it comes to technology adoption within merchandising,” he said. The team started Sparkbox after seeing an opportunity to innovate in a sector that still relies heavily on spreadsheets, guess work and gut feelings to make important commercial decisions.įinTech Delio secures £6.2m growth fundingĬolin Greene, an operational partner at Praetura – formerly Apple’s director of US consumer retail – will join Sparkbox’s board. The company was co-founded by Forbes 30 Under 30 inductees Lindsay Fisher and Matthew Wong, and Kevin Blackmore, who prior to Sparkbox was vice president of customer insights at Best Buy and a retail analytics partner at Accenture. Sparkbox will use Praetura Ventures’ investment to double its team and onboard further fashion, home and seasonal retailers, where deadstock is a constant challenge across the board. In addition to protecting retailers from profit losses, Sparkbox’s approach to data also has the potential to aid brand sustainability goals by preventing retailers from over ordering stock, with wide reports that fashion alone is responsible for up to 10% of global carbon emissions. Launched in 2019, Sparkbox says a recent trial with a £500m+ fashion retailer saw it improve cash margin on markdowns by 34%, paying back its client’s investment in just 34 days. He serves as Board Member of Footfalls & Heartbeats. Andrew Duff is a Co-Founder and also serves as the Director at Sparkbox Ventures. Valuation 000 General Information Biography Mr. GD1 Fund II has been established by investors from Sparkbox Venturesthe. Primary Industry Information Technology Active Board Seats 4 Med. Sparkbox’s solution, which is trusted by River Island and, enables retailers to forecast demand, optimise their pricing and promotions and plan inventory to reduce waste and the need for big discounts. The Co-Fund mechanism between New Zealand Venture Investment Fund (NZVIF) and. Sparkbox Venture Group22 has been investing in early-stage ventures since 2001 and has invested in more than 55 companies. A Manchester-based startup using AI and data to help retail merchandising teams make better stock buying and pricing decisions has raised £1.5 million. ![]()
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