Fynd, an e-commerce platform with real-time fashion discovery, has raised follow-up funds in its Series A funding round of $500,000 from Rocketship. Combined with their earlier investment of $500,000 from Venture Catalysts, the total capital in the company’s coffers amounts to $1 million.
The newly raised funding will be used by the company to strengthen its tech backbone, optimize its operations and further enhance its customer offerings as well as strategies. The company will also leverage the VC firm’s expertise in data mining and machine learning capabilities to emerge as a household name in the fashion e-commerce space.
Commenting on the follow-up funding round, Fynd Co-founder, Harsh Shah said,
This follow-up investment proves that our compelling vision of emerging as the one-stop fashion e-commerce portal is soon to become a reality. Rocketship is the perfect match to help take Fynd to its next level of growth. The VC firm will help create value for Fynd by regularly monitoring our data, comparing it with our competitors and the market and sharing their insights with us. We’re excited to grow with the support of our investors not only through their capital infusion but also through their extensive domain knowledge and vast strategic experiences.
This follow-up Series A funding comes on the heels of the company’s undisclosed fundraising round raised from current Messenger lead/Snapdeal’s former Chief Product Officer, Anand Chandrasekaran, and a few other angel investors.
Currently, Fynd has 3.5 million styles live on its app and website and soon plans to roll out 3.5 million units more. It also claims to be holding the largest inventory and offers a variety of styles from different categories. Through its technology and constant innovations, the fashion portal has been able to scale up in a successful manner, believes the company.
Rocketship leverages data science and machine learning to identify companies with a sustainable growth engine at their core. It was the success of Fynd’s EOSS campaign (The Grand Brand Sale) held in July 2016 that caught the attention of the VC firm. Rocketship received an indication about the enormous response that Fynd was getting during the sale period on its portal and decided to invest in it.