EACCNY member Stylewhile, a Finnish fashion startup, has raised a new financing round of 850.000 USD to extend the virtual clothing try-on and shopping experience to the iPad. Investors in the round were Hardwick Overseas, lead investor and an investment company managed by Jari Ovaskainen, Reaktor POLTE, Lifeline Ventures and Tekes.
Stylewhile brings together fashion retailers and allows women to try on clothes online, helping them to buy outfits that suit their style and body type. The Stylewhile platform was first published as an iPad optimized web service earlier this year with promising results.
Consumers continue to move their shopping from bricks and mortar to online. Online is expected to reach 25% of all retail. In the United States alone, the value of online shopping in 2015 is estimated at 26 billion dollars. As a parallel trend, tablet devices are establishing dominance in leisure use. Current retailers’ experience suggests tablet users are twice as likely to purchase once on the site and spend twice as much as other visitors.
“We are extremely excited to be supported by these experienced investors, who share our vision about the way online fashion shopping can evolve,” says Jutta Haaramo, CEO of Stylewhile. “Our goal is to help women buy and wear the right items by providing them with a fun, playful experience to virtually try on and mix and match clothes from multiple retailers.”
“Online fashion retail is expanding and I see it as an attractive sector still open for major innovation. Stylewhile’s solution is something that really takes the experience a step further,” says Jari Ovaskainen of Hardwick Overseas.
Oskari Kettunen, the skipper of Reaktor POLTE, is excited about the investment. “Stylewhile resides where the worlds of games, fashion and commerce overlap. They have a strong team with the right experience. We’re proud to join the backup crew in helping them realize their compelling vision.”
# About Hardwick Overseas
Hardwick Overseas is an investment company managed by Jari Ovaskainen, who was the founder and CEO of Iobox, which was sold to Telefonica in 2000. Jari is also a Supercell investor.
# About Reaktor
Reaktor is a Finnish software company founded in 2000. Reaktor helps its clients succeed with demanding IT- projects. More at www.reaktor.fi/en
# About Lifeline Ventures
Lifeline Ventures is an early-stage investor focusing on health, games, web and advanced technology. The team of serial entrepreneurs believe in strong founders and high-risk, high-reward concepts aiming at global category leadership. Lifeline Ventures has invested in over 35 companies, including Supercell, Applifier, Valkee and Moves. www.lifelineventures.com
More information: Jutta Haaramo, Tel: +358 40 7304060, Email: email@example.com