British fashion startup ASAP54 picks up $3M in venture round
British fashion startup ASAP54 has bagged $3 million in a recent funding round led by e.ventures, Novel TMT, and Ceyuan Ventures. Trends Media Group, James Bilefield, Carmen Busquets, and Frederic Court also participated in the financing, according to an exclusive report by The Business of Fashion (BoF).
ASAP54 is using the new capital for the development of its mobile fashion search and discovery app, the report stated.
The said app utilizes modern visual recognition technology to process photos uploaded by users and generates a list of recommendations. Users can also fine-tune the results according to category, price, and other criteria. If the users are still not satisfied with the search results, they can crowdsource recommendations from other users. A human fashion expert can also entertain queries and come up with five more recommendations from the app's database within 24 hours, the report detailed.
The mobile service allows users to conduct direct purchases from more than 150 stores including Barneys, Net-a-Porter, J. Crew, Topshop, Forever 21, and Neiman Marcus. The fashion startup, in turn, earns a commission for every sail, the report explained.
ASAP54's app will be launched in the US, Brazil, and Europe on February 28. It will also be rolled out to the Middle East and China by September, BoF reported.