The First Practica Capital Investment In The Fashion Industry
2015 July 27
Practica Capital has invested 200 thousand euros in the new fashion platform Newstory (www.newstorylook.com), being developed through the “Startup.lt” accelerator. According to the press release, this is the first online trading platform with an innovative algorithm, which identifies a woman's body shape and accordingly selects the right clothes and accessories.
Newstory (www.newstorylook.com) is a fashion and style platform for contemporary woman who want to look stylish and to be noticeable always and everywhere. Currently, the company works in cooperation with more than 40 brands, with Italian designers comprising 70% of these partnerships.
“Each woman’s body is different in shape and has certain unique features. To look stylish everywhere and always, women need to understand their body shape, and learn how to choose the right clothes to highlight the advantages of their silhouette and to hide its flaws. Even dressed in the most fashionable clothing of the season, a woman can go wrong if she does not assess whether such clothes are in fact suitable for her type of body”, - said Indrė Deksnytė, co-founder of Newstory. “Women often have neither the time nor the opportunity to consult with a personal stylist about these issues. Therefore, we have coordinated a professional team for our platform, to help women with all of these concerns, and the help of a virtual personal stylist is available now for free, for every woman.”
After 6 months of intensive work, Newstory (www.newstorylook.com) is now available for UK, Swedish and Baltic states women. In the near future, the development team also plans to introduce the stylist platform to internet users in other European countries.
“With the investment and help of Practica Capital we have taken another significant step towards the realisation of our ideas, dealing with an issue that is particularly relevant for every woman”, – said Indrė Deksnytė, co-founder of Newstory.
Newstory (www.newstorylook.com, Madinga UAB) is a virtual personal stylist for busy women, with an innovative algorithm to identify the woman's body shape and accordingly select the right choice of clothes and accessories.
More information is available at: https://www.newstorylook.com
About Practica Capital and Startup.lt:
Practica Capital is a venture capital firm established in 2011 by investment professionals and entrepreneurs who exited their businesses. The firm manages EUR 6 million Practica Seed Capital fund and EUR 15.7 million Practica Venture Capital fund, both established under the JEREMIE initiative, managed by EIF and financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania. Funds provide early- and later-stage financing to Lithuanian SMEs focusing on innovative and high-growth potential businesses. Practica Capital also runs business accelerator Startup.lt, which helps young businesses to realise high growth potential. By the end of March 2015, Practica Capital signed 38 investments for EUR 12.8 million in 31 portfolio company from different sectors. For more information visit http://practica.lt and http://startup.lt.
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