Listing second-hand clothes just went from slow and painful to instant. Fashion tech start-up TRUSS has successfully raised £300,000 in funding from FIGR Ventures, marking a significant milestone for the UK-based company that’s transforming the resale fashion industry through artificial intelligence. This latest investment also unlocks a substantial £1.1 million grant from Innovate UK, positioning the company for accelerated growth and technological advancement.
The London-based start-up, founded by University of Warwick graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO), and Connor Mattinson (CTO), has been developing cutting-edge AI-powered data infrastructure to streamline fashion resale operations. Since its official launch in 2022, TRUSS has focused on addressing one of the resale sector’s most urgent challenges: product transparency and efficient cataloguing.
Transforming Fashion Resale Through Innovation
TRUSS’s technology creates millions of detailed product profiles that enable businesses to identify, catalogue, and list fashion items using just a single photograph. This revolutionary approach significantly reduces the time-consuming manual processes traditionally associated with second-hand clothing valuation and marketplace uploads.
Woody Lello, CEO and co-founder of TRUSS, said: “FIGR has been an incredible investment partner for us, 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.”
Woddy Lello, the CEO also highlighted the unique approach of their new investment partner, stating: “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.”
Strategic Partnerships and Collaboration
The funding supports an ambitious collaborative project involving prestigious partners including the University of Warwick, fashion marketplace Depop, and luxury retailer Selfridges. Together, they aim to develop a bespoke algorithm capable of instantly recognizing fashion items from TRUSS’s extensive database using a single image.
This partnership represents a significant step forward in making fashion resale more accessible and efficient. The collaboration with Selfridges will directly impact their resale arm, Reselfridges, while Depop users will benefit from enhanced product identification capabilities.
Building on Previous Success
This latest funding round builds on TRUSS’s previous achievements, including a £345,000 pre-seed round led by SFC Capital alongside angel investors. The company has already established partnerships with major fashion retailers, demonstrating the commercial viability and demand for their technology.
Fiona Humphries, Managing Director of FIGR Ventures, expressed enthusiasm about the investment: “We are thrilled to have made our first investment into TRUSS. We started FIGR to back early-stage businesses with the passion, talent and vision to drive meaningful change.”
Future Growth and Expansion
The new capital injection will enable TRUSS to enhance its technological capabilities, expand and enrich its product catalogue, grow its team, and develop additional partnerships with businesses that can benefit from their innovative product identification technology.
The company’s mission extends beyond mere technological advancement – it’s about promoting sustainability in the fashion industry by making resale more efficient and accessible. By leveraging AI to streamline operations, TRUSS helps businesses process products more efficiently, ultimately reducing waste and extending the lifecycle of fashion items.
As the circular fashion economy continues to gain momentum, TRUSS is well-positioned to play a crucial role in shaping the future of fashion resale. With this latest funding and the support of Innovate UK, the company is set to accelerate its growth and expand its impact on the global fashion industry.
