Hey Savi Secures £2.2 Million in Investment to Revolutionize Fashion Search
Hey Savi, a fashion search and recommendation platform based in the UK, has successfully secured £2.2 million in investment. The platform leverages advanced AI and unique customer data to empower users to find the perfect fashion items within 60 seconds, facilitating connections with retailers offering competitive prices and diverse sizes. Notably, the current online shopping search functionality in the UK has remained stagnant since the advent of the internet.
Hey Savi's co-founders, Victoria Peppiatt, Angela Vinci, and Sarah Daniel, bring together extensive expertise from the technology, fashion, and retail sectors. Angela Vinci, the co-founder and CPTO, criticizes traditional search engines for prioritizing paid advertising over relevant results, emphasizing the outdated nature of the current search experience within the rapidly evolving fashion landscape.
The platform has received strong backing from prominent investors, with 54% of them being female. Notable investors include individuals from Boardwave, Founders Capital, and the WITSEND community, underscoring the diverse and inclusive nature of the support Hey Savi has garnered. Additionally, Hey Savi benefits from guidance provided by a distinguished board, comprising industry professionals from Sotheby's, Databricks, and Wilson Sonsini, enhancing its strategic positioning.
Key Takeaways
- Hey Savi secures £2.2 million in investment.
- The platform utilizes AI to streamline fashion searches, connecting users with optimal items in just 60 seconds.
- Over 10,000 fashion searches occur every minute in the UK, highlighting a robust market demand for innovative search solutions.
- Co-founders bring extensive experience from the tech and fashion sectors, providing a strong foundation for Hey Savi's growth and success.
- 54% of Hey Savi's investors are female, reflecting a commitment to diversity and inclusivity within the platform's support network.
Analysis
The £2.2 million investment secured by Hey Savi positions the platform to disrupt the UK's expansive online fashion market, driven by outdated search technology and a commitment to gender-diverse investment. This infusion of capital is poised to enhance retailer connections and elevate consumer satisfaction, potentially challenging established competitors such as Google and ASOS. In the short term, this funding bolsters Hey Savi's market presence, while in the long term, it has the potential to redefine global fashion search norms, exerting influence across the technology and retail sectors.
Did You Know?
- CPTO (Chief Product and Technology Officer): Angela Vinci holds this pivotal role within Hey Savi, overseeing the development and implementation of the platform's product and technology strategies. This integrated responsibility is crucial in aligning technological advancements with the platform's vision and user requirements, particularly in the fashion sector where technology and product are closely interwoven.
- WITSEND Community: This high-profile investment community has played a vital role in supporting Hey Savi. The name "WITSEND" signifies a group known for their innovative and resourceful approach, indicative of investors willing to back ventures that challenge conventional norms, aligning with Hey Savi's pioneering approach to fashion search technology.