After turning down an offer of £75k investment on Dragons’ Den, Edinburgh-based Mallzee has gone on to raise £2.5 million from Scottish investors to develop its personalised shopping app.
Mallzee founder and CEO Cally Russell knocked back an offer from TV Dragon Peter Jones in series 12 and has now secured investment from Royal Mail Group, Scottish Investment Bank, Par Equity and top technology entrepreneurs Gareth Williams of Skyscanner, Rob Dawson of Actix, and Chris Van Der Kuyl and Paddy Burns of 4j Studios – makers of the Minecraft console.
The shopping app, which has been dubbed ‘Tinder for Fashion’ has – in the last 18 months since its launch – become one of the most popular of its kind, with a six-figure band of loyal users worldwide in more than 125 countries.
Following the close of this £2.5 million funding round, Russell says he will now be able to further innovate and scale Mallzee’s global offering.
He said: “This round of investment is going to allow us to become the leading fashion shopping app in the world and the mix of investors is going to be vital to allowing us to achieve this.
“With Royal Mail Group we have a partner that plays a vital part in the online shopping environment and one which is well positioned to enable us to access new retailers.
“Our existing angel investors and new backers such as Chris and Paddy have all scaled highly successful global businesses and their support and insight is going to be vital.
“Fashion shopping on mobile is becoming a very hot space – Mallzee has always been at the forefront – having been the original personalised shopping app.
“This round of investment will allow us to grow this further but it will also enable us to offer our new insights tool to retailers to enable them to gain actionable insights into what products to market and stock.”
According to Russell, Mallzee is changing the way people shop and retailers are benefiting thanks to the data insights tool, which gives an understanding of how products are perceived and engaged with, allowing them to order and manage stock more efficiently.
Mallzee is also currently enjoying an exclusive year long promotional link-up with Samsung GALAXY Apps.