Ukrainian (Odessa origin) startup 3DLOOK raises $1 million
Ukrainian startup 3DLOOK has attracted $1 million from the pool of investors who have already invested in the project.
The lead investor was the financial group ICU Ventures. Among the new participants of the round is Murat Abdrakhmanov, a venture capitalist from Kazakhstan, who previously announced his intention to invest $2 million in Ukrainian startups, as well as several other investors from the U.S. and Eastern Europe.
According to Vadim Rogovskiy, during the pandemic, 3DLOOK began to grow much faster. The company has concluded many agreements with multibillion-dollar companies engaged in the production of uniforms, as well as with online retailers from the United States and Western Europe. Some of them are currently at the signing stage.
3DLOOK develops for them a white-labeled app designed for shop assistants, which allows contactless capturing human body measurements with photos for providing clothes sizing service. According to Rogovskiy, this is especially relevant during the pandemic, since most retailers do not have dressing rooms in their stores.
Vadim Rogovskiy noted that the funds raised will help the startup to make profits faster. The round will also allow hiring more specialists in Ukraine and the USA. The company is looking for employees in the New York office.
We need specialists to integrate more quickly and to start up with all the enterprise clients who joined us during the quarantine.Vadim Rogovskiy
Contactless will be the new normal – both in-store and online
3DLOOK is a body data platform which helps apparel, brands, and retailers deliver personalized shopping experience, optimize processes and save costs. With the new technology of 3DLOOK instant measurement technology, the human body can be calculated with a smartphone as an accurate 3D model without any additional hardware. Only two photos are required for the measurements and body shape and 24 measurements are listed. This gives the user a special shopping experience, because the measurement data obtained allows the 3D model to be displayed with the selected clothing. With each scan, textile companies receive a physical body profile that contains important information for product development, sales and marketing. A win-win situation for buyer and seller. It increases conversion, decreases returns of apparel, and improves customer engagement. 3DLOOK already works with some of the largest retailers, fashion brands, and government entities in the world.
In 2018 Rogovskiy estimated the business at $10 million. At that time, up to $2 million has been invested in the startup, including funds from investors, who believed in the future of the technology, as well as personal funds of Vadim Rogovskiy. Later, the startup attracted $1 million from UVentures, 500 Startups, and several business angels.
Over the years, the company has undergone an acceleration program at Boost.vc, receiving $50,000 investment in return for 7% of the company, and in 2019, became a resident of Station F, the largest startup camp in the world.