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Mallzee, a “Tinder for fashion” startup that aggregates online retailers’ inventory and lets users swipe to save their favorite garments, has raised $4 million (£2.5 million).
Founded out of Edinburgh, Scotland in 2013, Mallzee has been largely U.K.-focused since its launch, but it did release a version for the U.S. market back in November, just in time for Black Friday. Today, it claims a “six-figure” user base spread across 125 countries.
The app, available on Android and iOS, includes more than 100 retailers, and lets users create so-called “style feeds,” monitor price-drop alerts, and peruse style advice.
However, the one glaring omission in Mallzee’s offering so far has been e-commerce — the app merely links out to retailers’ websites to complete transactions. This is changing, however — starting today, Mallzee is opening up in-app purchasing to U.K. shoppers, with plans to bring this option to U.S. consumers by the end of the year.
Mallzee has raised $1.5 million in funding to date through a series of angel rounds, so today’s news takes the company past the magic $5 million mark.
Leading the investment round, perhaps surprisingly, is U.K. postal service company the Royal Mail Group, with contributions from the Scottish Investment Bank Par Equity, and a handful of entrepreneurs.
The company says the money will be used to “innovate the m-commerce space and scale its global offering.”
Tycoon Peter Jones offered CEO and founder Cally Russell the full amount, however, Jones asked for too much equity in return, leading Russell to walk away empty-handed. This appearance seems to have worked wonders for the company’s marketing machine, however, — Mallzee has been inundated with investment opportunities and approaches from retailers.
Also, shortly after the episode went to air, Mallzee revealed a tie-up with Samsung, a deal that will see the Mallzee Android app promoted through the Galaxy Apps store.
Though e-commerce is a conduit for Mallzee to make money, the company is, in turn, a data insight tool for retailers, revealing insights into what products people like and, well, don’t.
This week has been notable for Scottish startups. On Monday, FanDuel — a fantasy sports firm founded out of Edinburgh, Scotland, but which is now huge in North America — revealed it was acquiring Kotikan, an app-development agency also based in the capital city.
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