VC’s Say “Yes” to Upstart Retail Platform
So what is “The Yes?”
Most may not know what this soon to launch startup will be, but the venture capital world knows. And they are buying in even before the platform goes live.
The Yes already has VC commitments from Forerunner Ventures, True Ventures, NEA, Comcast Ventures and Bain Capital Ventures. These investments total $30 million for its first Series A funding round.
According to VogueBusiness, the startup will be launched by Julie Bernstein, a former chief operating officer at direct-to-consumer clothing retailer Stitch Fix. She developed the AI-powered shopping platform since departing Stitch Fix before it went public in 2017.
Although she provided no specific details on the project, Bornstein told the publication that she hired top talent in the tech and retail business to build “proprietary software systems using machine learning and computer vision.” She has more than thirty engineers, many from tech giants like Google, Amazon, Microsoft,Facebook and more, working on the platform.
Bornstien told VogueBusiness that despite concerns about a fashion-tech bubble hitting retail startups, she thinks there’s still room in the sector for a D2C startup like hers.
“The multi-brand e-commerce landscape is overwhelming to the consumer and not serving brands well ether,” she said. “The market is huge.”
The Yes is scheduled to launch next year.