Stylect (from style and select), described as Tinder for Shoes, has easily jogged past its £750,000 minimum funding goal on AngelsDen. The campaign launched on November 30th with 90% of funds already pledged – indicative of a trend in equity crowdfunding where much of the stated goal is raised before the campaign goes live. Stylect benefited by having the backing of VC Forward Partners as a lead investor.
The @stylectapp, the Tinder for shoes with over 1 million downloads is now live on the platform: https://t.co/rgOuPrYJtm #CapitalAtRisk
— Angels Den (@AngelsDen) November 30, 2015
Crowdfunding investors registered to purchase up to a 19.85% ownership stake in the App. The EIS approved offer required a minimum £5000 investment.
The App, available on iOS, Android and of course online, runs a Hot-or-Not type interface to determine a user’s likes and dislikes. It then curates a database of over 350,000 shoes and suggests products to buy (or lust over). Stylect holds absolutely no inventory and is a tech application that collects a commission on each pair of shoes sold. By aggregating all shoes together and providing a superior selection of footwear, Stylect can help drive sales of major brands. Current commissions range from 5% to 20% with the average right in the middle.
How popular is the Stylect App? The equity offer states it has seen App downloads of over a million.
Stylect has posted their exit strategy of a sale or an IPO. Four separate buyers have apparently approached the company but the founders believe it was too early to sell. More info is available on the Stylect campaign page for registered investors.
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