London’s Purple Dot is Making Online Shopping More Sustainable
With an aim to revolutionize how we do online shopping, London-based Purple Dot has raised €3.5M in the latest funding round.
The shopping sector has been one of the largest contributors to the anti-environment factors. This is because of the myriads of waste produced by rejected and useless items. To solve the problem, Purple dot has come up with a solution to allow retailers to sell items before they come to the store. With this idea, the platform is promoting sustainability in this sector.
In the latest funding round, the startup has raised €3.5 million. Unusual Ventures led the funding round. However, the previous investor’s Connect Ventures, Moxxie Ventures, and the family office of Indeed co-founder Paul Forster also participated.
The latest funding has raised the total funding of the startup to almost €5 million. The company was founded in 2019 by Madeline Parra and John Talbott. The aim of the startup was to help the retailers to improve their sales and belittle waste. With this aim, the startup is aiming to completely change how we buy and sell.
The company calls it ‘the waitlist company’ because it allows the customers to buy ahead of time. Moreover, the platform is using an artificially intelligent algorithm and provides predictive analysis to enhance selling. Based on this algorithm, the retailers can get insight on what can be the future trends in buying and selling. This technology provides data-driven insights using big data technology.
Its innovative and revolutionary platform allows the brands to enhance their sales and increase brand loyalty by serving the customers in a better way. Because normally the businesses fail to build on their commitments because of supply chain issues.
Madeline Parra, CEO, and co-founder of Purple Dot said: “By selling earlier, brands open up a whole new window to capture sales. The legacy mindset and technology assume you need inventory in the warehouse to sell it. But with Purple Dot, you can always be selling because selling and shipping can be asynchronous. This is the “A-ha” moment for our brand partners. To get a sell-earlier strategy right, you need a dedicated approach that gets the customer experience, and internal tooling, right. We’re excited to be pioneering waitlist shopping as the solution to selling earlier and providing eCommerce brands with a platform to re-imagine when, how, and what they sell.”