Online marketplace start-up Opumo has secured £500,000 seed funding from investors that include Joe Browns chairman Derek Lovelock.
Contemporary lifestyle platform Opumo was founded by Nick Ayoub and Harry Beattie in March 2017. It aims to reduce brands’ dependency on Google and Facebook marketing by attracting customers with content.
Its “hand-picked selection” of men’s clothing, footwear, accessories, lifestyle and homeware totals 15,000 products from more than 300 brands, including Gant, Kestin Hare and A Day’s March.
Lovelock, who previously chaired Aurora Fashions, and fellow investor in this fundraising round Adu Advaney, co-founder of Mexx Group, will act as strategic advisers to Opumo.
Lovelock said: “In a sector that is undergoing radical reappraisal, I was instantly attracted to Opumo’s strategy because it is helping to rewrite the retail sector’s rules.”
Opumo plans to use the capital to recruit new personnel, as well as bring on new brands and build its customer base. It did not disclose what types of roles it aims to hire or how many customers it currently has.
Beattie said: “A large proportion of the brands we work with are side-stepping retailers and going direct-to-consumer. [While] this protects them from discounting and the control of distributors eroding their margins, it leaves them at the mercy of Google and Facebook marketing, which is becoming an increasingly unsustainable route to market.
“We enable brands to take control of the entire sales cycle powered by a truly scalable method of reaching new customers through frequent, interesting and relevant content.”