Pronti
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
- Headquarters: Kitchener, Ontario 🇨🇦 (Delaware C Corp)
- Employee Count: 5
- Investors:
- Funding amount: $786K
- 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 Dilligence
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.
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.