Closing a deal. Question and answer session from the founder
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Closing a deal. Question and answer session from the founder
Startup pitch

The round ends on May 29th. At this meeting, the founder will answer questions from investors who decided to join the deal.

The 3DLOOK startup platform brings together online shoppers and online retailers, allowing the former to receive the recommended clothing size by adding only 2 photos of their body from a smartphone, and the latter to increase conversion and reduce returns.

Region of program action:
Global (world)

Start date

27.05.2020 15:00:00

End date

27.05.2020 16:00:00

About

Remember your unsuccessful purchases of clothes in online stores, you will feel all the advantages of this service when selecting clothes.

The company\'s mission is to create such a concept as a “digital passport” and make it widespread throughout the world among all online shoppers. A digital passport means a 3D model and all parameters of the human body. The company already has more than 250 thousand profiles of online clothing buyers worldwide in the database, and the goal is to collect 100M profiles over the next 5 years.

In order to capitalize on the opportunities that COVID-19 opened, 3DLOOK startup holds an investment pre A round.

The size of the round is $1.5M, of which $870K has already been collected.

Network VC Syndicate Fund is collecting part of the round of $250K for this deal. The lead investor in the syndicate is ICU Ventures. You can enter the transaction with a minimum check of $10K.

RETAIL PROBLEM
- different dimensional grids for brands based on outdated data from the 80-90s;
- negative experience of online shopping for clothes, because clothes are not suitable in size;
- returns: $ 550B per year worldwide;
- Unsold item: $ 4.3B per year.

DECISION
The patented 3DLOOK technology uses computer vision, neural networks and 3D statistical modeling to process and measure a dressed person using two photos from a smartphone’s camera.

Analyzing customer body data allows you to more accurately build all the stages of creating and selling clothes, from clothing design and designing dimensional grids, to personalized clothing recommendations, based on the available data about the bodies of specific customers, thereby increasing conversion to purchases, reducing returns, and ultimately, increasing gross margins for retailers.

Online retailers connected to the 3DLOOK platform receive:
- A cross-platform widget that easily installs on the retailer’s website or mobile application and allows retailer customers to easily choose the clothes that suit them;
- Access to your personal account with analytics based on data about the bodies of customers, and the dependencies of conversion, returns, and purchases on this data for different segments (gender, age, location);
- The solution for a virtual fitting of clothes on a 3D model of customers is available for fashion brands that already have clothes sold in 3D format.

What you get

BUSINESS MODEL
- subscription, starter package from $ 499 to $ 10,000;
- number of business clients: 25;
- Revenue in 2019 - $ 127K;
- expected Revenue in 2020 - $ 411K, booked revenue on May 1 - $ 270K (65% of the target for the year).

PARTNERSHIPS AND ASSOCIATIONS
- Gerber Technology - the oldest company in the world in the production of equipment for sewing clothes with 78,000 customers worldwide;
- LVMH, the most expensive luxury brand group in the world;
- Member of PCIAW - Association of Manufacturers of Uniforms;
- Nvidia - American technology company, developer of graphics processors and system-on-chip (SoC);
- Browzwear: Fashion Design Software - a company that helps fashion brands develop clothes in 3D;
- CLO Virtual Fashion is a company that helps fashion brands design clothes in 3D

COMPETITION
- 3 competitors with mobile scanning technology, traction about 1 year behind, and a number of companies without ready-made technology at the moment;
- Body Labs produced a similar product, but it was already bought by Amazon for $ 70M.

Terms of completing

TEAM
- 4 co-founders: Vadim Rogovsky, Whitney Cathcart, Alexander Arapov, Ivan Makeev;
- 41 employees;
- 27 are engaged in technology;
- 3 doctors of sciences;
- Headquarters in the USA (San Mateo, CA) and two in Ukraine (Kyiv and Odessa).

ADVISERS
- Edward A. Gribbin - led Alvanon, which developed the existing standard for dimensional grids in the world.
- Mark Charlton - former top manager of Tommy Hilfiger and Nike;
- Jeffrey Bernstein - venture capitalist;
- Melissa Taunton - venture capitalist;
- Natalia Vodianova is a fashion expert and investor.

ABOUT THE PROJECT IN FIGURES
- Foundation of the company - 2016 USA;
- POC with one of the largest brands in the world - end of 2018;
- BOOST VC ACCELERATOR - August 2017;
- first customers in test mode - January 2018;
- product launch in beta - September 2019.

Experience

INVESTMENTS
raised $ 3.2M for 2 rounds, the main investors - uVentures (Horizon), 500 Startups, ICU Ventures, Boost VC and a number of business angels from Ukraine and the USA

PROGRESS
- LVMH Innovation Award 2019 for innovations in the field of mobile body scanning technologies for retail and personal support from the LVMH group: Maison des Startups LVMH program in the Station F incubator;
- winner of the Grand Retail Challenge 2019;
- TOP-5 mobile startups in 4YFN19, specializing in global retailing;
- Selected as TC Top Picks for TechCrunch Disrupt in San Francisco and invited to Startup Alley to work in AI;
- Membership in the National Retail Federation.
- TOP 10,000 Growjo fastest-growing companies for achievements in the technical services sector.

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