Kokoon Receives Investment from Blackfinch; Stitch Fix Acquires Finery

Kokoon receives Blackfinch support

DTC’s Daily Digest brings you the latest news on the world’s fastest growing direct-to-consumer brands. In today’s edition: Kokoon receives investment from Blackfinch; Stitch Fix acquires Finery; and Inadash fundraising on Seedrs. 

Kokoon receives investment from Blackfinch 

Blackfinch Ventures has invested £540k into Kokoon, the headphone brand designed to help people sleep. 

The product is specifically designed to help customers sleep using soothing audio and soundscapes. The connected app, Kokoon Relax, monitors and tracks the user’s journey, with suggested audio specifically designed to protect from disturbances during the night.

Kokoon’s product has already launched and has sold well with an impressive £4.5m of sales with over 15,000 products shipped to date. Kokoon will use the investment from Blackfinch to drive marketing and sales of its over-ear headphones, including distribution through key high-street retailers, including Selfridges and John Lewis. It will also use the funds to develop a new in-ear model which it will offer a lower price.

Kokoon raised £1m through Seedrs in June this year, so this raise follows hot on its heels. The business is looking to engage frequent travellers, struggling sleepers, and consumers in noisy environments.

Stitch Fix acquires Finery

Stitch Fix, the publicly traded online personal styling service, expanded its tech portfolio last week with the purchase of digital wardrobe startup, Finery.

Finery uses patented technology to scan users’ e-receipts for purchases. The information then auto-populates to digitise a virtual wardrobe that can be accessed by users on their phones to assemble outfit options and to keep track of what a user owns.

The free app and website debuted in 2017 and the venture was backed by female funds including Susan Lyne and Nisha Dua’s BBG Ventures and Jesse Draper’s Halogen Ventures.

US fashion tech business Stitch Fix, which went public in 2017, uses human stylists alongside algorithms it aims to create a smarter and faster way to buy clothes that fit you. In May 2019, the company launched in the UK, entering a market where shoppers are fairly tech-savvy and more used to online shopping compared with their US counterparts. 

Inadash fundraising on Seedrs

On-demand property renting platform Inadash has raised £330k on Seedrs. The business has a goal of £350k for this round, and boasted a pre-money valuation of £2.8m. 

Inadash is looking to become the future of renting, and through their mobile app and website, renters and estate agents can secure new tenancies with the aim to eliminate the hassle that usually comes hand-in-hand with the process.

Renters can quickly browse available properties and book viewings immediately, while agents gain access to a wealth of smart data through a feature-rich dashboard, allowing them to identify trends and track their KPIs. 

In Q1 2019, Inadash received its first revenue stream, charging agents a monthly subscription fee for access its digital dashboard. In 2019, Inadash will be working towards a goal of achieving a dominant share of London agents while preparing to scale into major UK cities. 

The proceeds from this raise will predominantly be used to increase their advertising activity. With the funds necessary to spread the word, the company will encourage busy estate agents and would-be tenants to sign up to Inadash. 

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