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COMPANY: Pronti
YEAR FOUNDED: 2021
INDUSTRY: Retail, Consumer Social
HQ: Kitchener, Ontario 🇨🇦 (Delaware C Corp)
FOUNDER: Mila Banerjee
FEATURE
23 Jan 2024

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. 🎵
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The Basics:

  • Headquarters: Kitchener, Ontario 🇨🇦 (Delaware C Corp)
  • Employee Count: 5
  • Investors:

    Goodwater Capital, Drive Capital, Velocity Fund, Sig Mosley

  • Funding amount: $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

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.

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Founder Profile

Comps

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.