London e-commerce startup aims to become "Wikipedia of product search" with £250k funding
A London e-commerce startup has announced that it has completed a £250k funding round.
Aisle 3, which is aiming to become the “Wikipedia of product search”, has raised £250k via the Angel Investment Network.
This raise is the second completed in the last five months, with the company being backed with almost £500k in pre-seed funding.
The funds will be used towards further developing the brand’s product, tech build and scaling the team.
The company aggregates retailer offers and product information by deploying machine learning and AI algorithms.
Thomas Vosper, co-founder, commented: “We are thrilled to have conducted our second successful raise in just five months backed by our current investors who saw our progress as well as gaining the trust of significant new investors.
“Raising investment in any climate is very difficult and takes hours of meetings, calls and late nights; so having subject matter experts buy into our vision of building a scalable, disruptive business and cleaning up the standard of product information is a huge validation of our mission and the team we have put together.
“We believe shoppers are short changed in getting the best deals despite the illusion of choice on the internet.
“Whilst it is incredibly easy to book complex products such as car insurance or flights through comparison sites it still remains impossible to find the best deal for the right size trainers without opening multiple tabs and checking a myriad of retailers.
“We’re trying to crack the three fundamental issues in online shopping. Product comparison, product discovery and a fair marketplace for brands and retailers. Unlike the closed shop of other platforms this is a win/win for shoppers and retailers and offers a huge, positive network effect.”
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