A first close of $175,000 was initiated by Shop Like A Man aka BRANDiD on its fundraising effort started this month. 18% of the $1 million non-brokered convertible debt offering was placed with three investors. This is the first time Shop Like A Man is raising money on the private placement market.
The company is launching a platform to entice men to shop online. According to the company, 93% of men don’t shop online because they want to try clothes on and don’t want to deal with returning merchandise. After asking the user what he wants to buy, the user is matched with a personal shopper who will recommend items based on data previously provided by the user. The company is using an algorithmic program to match users with shoppers and refine the user’s profile based on past purchases and interaction on the platform. Once the user is satisfied, he can schedule a pick up for items to be returned by an agent. Shoppers and pick-up agents’ revenues are commission based. The application, currently in public beta testing, is accessible online as well as via mobile devices.
Ankush Sehgal (Co-founder, President and CEO) leads the company which was registered in 2013. Though the company originated from the UK, it is also based in San Francisco CA where it is launching the concept as well as in London. Shop Like A Man elected to keep revenues undisclosed. The executive team includes Arush Sehgal (Co-founder and Engineer) and Nicholas Kermarc (Co-founder and Engineer).
Status: Fist close
Company: Shop Like a Man aka BRANDiD
Amount offered: $1 million
Amount placed: $175,000
First Sale: 01/22/14