Fashion industry waitlist and pre-order platform Purple Dot raises $ 4 million – TechCrunch
Due to the unpredictable nature of the fashion industry, fashion brands often have to “estimate” the demand for their products, and if they are wrong about that demand, they have to deal with wasted inventory. Too often, clothes end up being incinerated unnecessarily, adding to their environmental impact. UK startup Purple Dot has an e-commerce ‘waitlist and pre-order’ platform, allowing fashion brands to produce only the exact volume of products ordered, reducing waste.
Purple Dot has now raised an initial $ 4 million funding round led by US-based Unusual Ventures. Previous investors Connect Ventures, Moxxie Ventures and the family office of Indeed co-founder Paul Forster also participated.
Founded in 2019 by entrepreneurs Madeline Parra and John Talbott, Purple Dot says it allows e-commerce companies to “sell inventory earlier to maximize sales, build brand loyalty, and access demand data. earlier”. Purple Dot’s waiting list solution allows inventory to be sold before it arrives in the warehouse. The startup claims that it is the only such solution available on the market.
Madeline Parra, CEO and Co-Founder of Purple Dot, said: “By selling earlier, brands are opening a whole new window to capture sales. Legacy mindset and technology assume that you need inventory in the warehouse to sell it. But with Purple Dot, you can still sell because selling and shipping can be asynchronous. It’s the “A-ha” moment for our partner brands. To get a good sales strategy sooner, you need a dedicated approach that optimizes the customer experience and internal tools.
Rachel Star, investor at Unusual Ventures, said: “Purple Dot is more than an e-commerce tool; they’re revolutionizing supply chain management and the way brands sell, and we believe pre-orders and waiting lists will shape the future of online shopping.