Dream Assembly, a retail technology startup accelerator founded by luxury e-commerce retailer Farfetch, revealed the first group of startups that will participate in its three-month incubation program.
Farfetch, along with partners Burberry and venture capital firm 500 Startups, launched Dream Assembly in April 2018 to identify and develop the next generation of innovators in retail technology. Eleven startups from around the world chosen as the first companies to receive tutelage from the Lisbon-based startup incubator will begin a 12-week program starting Sept. 7.
“We were delighted by the response from so many incredible companies,” Stephanie Phair, chief strategy officer of Farfetch, said. “The companies we have selected for the first Dream Assembly cohort all have great potential to present innovative solutions and are capable of shaping the future of commerce.”
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The Dream Assembly program includes access to networking and mentorships within the retail technology industry, including senior Farfetch executives. On the final day of the program, participants will be able to pitch their ideas to investors who potentially could provide additional funding for suitably promising ideas. The 11 companies will showcase a variety of products and solutions, including virtual reality, artificial intelligence and computer vision technologies.
The 11 startups are:
FTSY – Also known as “footsy,” this Canadian startup is developing an app that uses artificial intelligence to scan a user’s foot in order to obtain accurate measurements and suggest personalized footwear selections.
Buy Buddy – These developers out of Turkey have created a “smart shopping device” that can provide inventory in real time, along with product security and customer behavior data. If implemented, shoppers could feasibly purchase products without the need to physically check out at all, enabling an Amazon Go-esque experience.
Upteam – Rui&Gui, a pair of Portuguese entrepreneurs, designed the Upteam B2B platform as a way to supply e-commerce and brick-and-mortar shops with verified, pre-owned luxury bags and accessories. Upteam carries more than 5,000 curated products, managing the authentication process in-house.
Shopvious – Specializing in providing luxury brands with access to analytics, Shopvious has created “blockchain-based digital certificates” that can provide full visibility throughout a supply chain and a permanent mark of authenticity.
The Restory – This startup out of the United Kingdom aims to bring back door-to-door luxury shoe and handbag restoration by providing servicers and customers with a dedicated web-based platform.
Recon.ai – A Portugese computer vision startup, Recon.ai helps retailers monitor their competition through image recognition and data collection. Additionally, the company’s computer vision technology detects clothing and similar objects in real time.
WISHI – Personal stylists on WISHI’s online platform connect with users to provide personalized outfit recommendations. The American startup hopes to connect more people to the luxury of a personal fashion advisor.
Villageluxe – Another American startup, Villageluxe wants to create a peer-to-peer platform that will connect users with those that want to borrow or purchase luxury fashion options directly from nearby closets.
Fashpa – These Nigerian entrepreneurs want to connect the world to a marketplace specializing in African designers and fashion trends. An online storefront connects users directly to independent brands and boutiques from around the continent.
Auverture – Located in the Netherlands, Auverture is a luxury jewelry platform that seeks out rare and unusual pieces from unknown designers around the world for sale on its website.
Didimo – Portugal’s third entry, Didimo creates realistic 3D avatars based on uploaded selfies, using computer graphics, machine learning and facial tracking. Didimo’s technology has the potential to be integrated into the next-generation shopping experience.
Not so long ago, Farfetch was a startup looking for its own funding. In May 2016, Farfetch secured $110 million in a Series F round of investment and just weeks ago filed for an IPO with rumors swirling that its valuation could top $6 billion. Now, executives at Farfetch are looking to invest in promising startups while searching for the next big advancement in luxury and retail technology.
“It is a pleasure to be able to give back to start-ups and the fashion technology ecosystem, sharing knowledge and expertise, and helping promising companies to scale to the next level,” Cipriano Sousa, chief technology officer for Farfetch, said of the program.
