7/31/2023 0 Comments Sparkbox officeSparkbox was supported by Adam Kaucher and his team at Irwin Mitchell in Manchester. The deal was managed by Peter Carway and Louise Chapman from the Praetura Ventures investment team and supported by the legal team at Gateley’s Manchester office. We know how much potential there is for AI and machine learning to improve profits and reduce waste in retail, and we are thrilled to have Prateura join us on our mission to modernise merchandising and put data behind the important pricing and inventory decisions our users make every day.”Ĭolin Greene, operational partner at Praetura Ventures, added: "The wider Praetura team are excited to be backing another fantastic Northern tech business and providing more than money support to make Sparkbox a go-to solution for even more household brands." Optimise inventory availability in wholesale and 3rd party channels. Proactively identify and action rebuy opportunities early in season. Predict demand at the product level for advanced visibility to sales, inventory, and cash flow. Sparkbox’s co-founder, Lindsay Fisher, said: “As a team of former retailers, we’ve seen first-hand how the retail industry is advancing in many areas but falling behind when it comes to making data-driven decisions. Improve margin and sell-through by optimising markdowns, promotions, and regular prices. The right person loves collaboration with coworkers and clients and believes it leads to the best work. The team started Sparkbox after seeing an opportunity to innovate in a sector that still relies heavily on spreadsheets, guess work and gut feelings to make important commercial decisions.Ĭolin Greene, an operational partner at the VC, who was formerly Apple’s director of US Consumer Retail, will also join Sparkbox's board. Description - Were always keeping our eyes out for great peoplealways looking, carefully hiring. The company was co-founded by Forbes 30 Under 30 inductees Lindsay Fisher and Matthew Wong, and Kevin Blackmore, who prior to Sparkbox was vice president of Customer Insights at Best Buy and a retail analytics partner at Accenture.Ĭollectively, the founding team has 50 years of global retail experience, including previous work with Arcadia and The Very Group. The business will use Praetura Ventures' investment to double its team and onboard further fashion, home and seasonal retailers. Wide reports are that fashion alone is responsible for up to 10 per cent of global carbon emissions. Sparkbox's approach to data also has the potential to aid brand sustainability goals by preventing retailers from over ordering stock. In a recent trial with a £500m plus fashion retailer, Sparkbox improved cash margin on markdowns by 34 per cent and paid back its client’s investment in just 34 days. Among the most successful fund investment. Launched in 2019, Sparkbox has seen significant traction in the market to date. The leading representative office of defined VC is situated in the Auckland. Sparkbox, which is trusted by River Island and, allows retailers to forecast demand, optimise their pricing and promotions and plan inventory to reduce waste and the need for big discounts. Sparkbox uses AI and in-depth data to help big brand merchandising teams make better stock buying and pricing decisions. Although the statements of fact on this page have been obtained from and are based upon sources that Barclays believes to be reliable, Barclays does not guarantee their accuracy or completeness.Praetura Ventures has invested £1.5m into a Manchester-based AI start-up. The information, statements and opinions contained in this content are of a general nature only and do not take into account your individual circumstances including any laws, policies, procedures or practices you, or your employer or businesses may have or be subject to. It does not constitute an offer to sell or buy any security, investment, financial product or service and does not constitute investment, professional, legal or tax advice, or a recommendation with respect to any securities or financial instruments. Barclays (including its employees, Directors and agents) accepts no responsibility and shall have no liability in contract, tort or otherwise to any person in connection with this content or the use of or reliance on any information or data set out in this content unless it expressly agrees otherwise in writing.
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