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Setting the Scene
Retailers aim to pinpoint the needs of their potential consumers, yet struggle to access context on shoppers’ intentions.
Online stores lack critical data in these categories:
The articles and items purchasers already have in their closets.
Everyday choices and moods of potential buyers.
This week’s company drives conversion by utilizing personalized information on shoppers to successfully capture consumer intent.
In a Sentence
Pronti is a wardrobe app that provides outfit recommendations by analyzing user data and connects retailers with their ideal consumers.
Wardrobe app: Users can upload images of their outfits and explore combinations from both their own closets and in-store selections.
Analyzing: The app’s machine learning technology understands users’ unique styles and objectives, generating high-quality outfit recommendations and shopping suggestions.
Retailers: With 120+ retail agreements, the app provides brands with attention from their most fitting shoppers.
Bulleted version: Similar, to how Spotify recommends new songs based on your current playlists, Pronti recommends new combinations of clothing based on your current wardrobe and what's available in stores. 🎵
The Basics
Industry: Retail Technology, Consumer Social
Headquarters: Kitchener, Ontario 🇨🇦 (Delaware C Corp)
Year founded: 2021
Employee count: 5
Investors: Goodwater Capital, Drive Capital, Velocity Fund, Sig Mosley
Amount raised: $786K
Currently raising: A seed round in Q2 of 2024
Business model: B2B subscriptions + revenue share or cost per lead
Early traction: 1 million+ downloads, 31% M1 retention users with 25 items or more, 120 brand sales partners
IN PARTNERSHIP WITH
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If you are a founder working on a startup from inception to IPO, Fidelity has strategies for you.
Due Diligence
WHAT WE LIKE
🌎 Online shopping market: The fashion e-commerce sector, with a robust 14% annual growth, is on track to reach a $1 trillion valuation this year.
Pronti capitalizes on this trend, harnessing consumer openness to personalized online shopping experiences, a preference now shared by nearly half of all shoppers.
🎯 Targeting for brands: Pronti’s model not only benefits users but also opens up new revenue streams for retail partners by connecting them with highly targeted consumers.
♻️ Sustainability: Pronti addresses the fashion industry's significant environmental impact by promoting sustainable wardrobe usage, aligning with growing consumer demand for eco-conscious shopping practices.
POTENTIAL RISKS
🌎 Technical moat: While Pronti sets itself apart with its brand partnerships, could others replicate its AI-driven approach?
😳 Risky business model: Pronti's revenue is partially reliant on in-app purchases, creating a challenge if users browse for ideas but buy items outside the platform, bypassing its commission model.
🔄 Privacy: While consumers are warming up to more personalized shopping, excessive personalization can raise privacy concerns, risking shopper alienation for brands that overstep.
Founder Profile
Mila Banerjee, CEO & Tech Lead: Previously a startup Business Advisor at Velocity.
To request an introduction to the founder, respond to this email.
Comps
Intelistyle: Backed by Metavallon VC, MassChallenge, Techstars, and Innovate UK.
THE YES: Acquired by Pinterest
Why Pronti: Pronti’s ability to capture consumer intent by matching items in their closets could revolutionize the way retailers target customers, moving fashion forward.
📌 Event Board
🍽 Industry Dinners: In case you missed the big announcement, starting next month I (Brett) will be kicking off the “Bulletpitch Industry Dinner Series.” These monthly dinners, happening in various cities, are themed around specific industries, creating a unique networking opportunity for founders and funders. SIGN UP HERE.
🎉 Heading to Austin: Bulletpitch will be hosting a massive event during the week of SXSW. While I’m not giving the theme away just yet, if you are a founder who is going to be in Austin for that week, REPLY TO THIS EMAIL.*
This event is not affiliated with SXSW or the organization in any way.*
🗳 Cast Your Vote
Would you invest in Pronti?Cast your vote below and tell us why: |
Last Week Today
The results are in: Prefer, a company selling affordable and sustainable bean-free coffee, hard mixed reviews in last week’s poll.
Subscriber feedback: “While I like their sustainable approach, I fear consumers’ preference towards natural coffee will win in the competitive coffee market.”
