Merchandise knowledge startup Flagship has raised $2 million in a Seed spherical to assist retailers to make higher data-based choices of maximising product enchantment for in-store buyers
The spherical led by Sydney VC Tidal Ventures, with assist from Afterpay’s billionaire cofounder Nick Molnar, backing his brother Simon’s startup play.
Macdoch and Co Ventures, NRL participant Luke Brooks, Fox Sports activities presenter Tim Mannah, Superhero cofounder Wayne Baskin, NORA chair Paul Greenberg, and Stryker president Maurice Ben-Mayor are additionally traders.
Simon Molnar grew up in retail by way of his mother and father’ jewelry retailer, working weekends at their retailer earlier than turning his consideration to on-line retail promoting Pandora on eBay, after which becoming a member of his brother at Afterpay.
Now he’s set out on his personal with Flagship – to not be confused with the US retail stock startup of the identical title, which lately raised a US$5m Seed spherical – which has launched its first product, a visible merchandising platform utilizing AI to crunch the information, to streamline and optimise product placement to be able to appeal to clients in a retail shops, from window shows to inside.
Molnar stated he needs “Flagship to grow to be the indispensable spine of retail operations” including that their startup embodies “the spirit of retail—an elusive mix of technique and sentiment” true retailers perceive.
“This latest spherical of funding means we will construct the suitable merchandise to reinforce, uplift, and enrich the operations and backside line for retailers,” he stated.
The capital can be earmarked in the direction of new markets enlargement in Australia, the US and additional afield, together with ramping up the headcount.
Flagship founder Simon Molnar and Tidal Ventures accomplice Georgie Turner.
Molnar has already landed retailer clients comparable to Aje Athletica, Venroy, LSKD, Calibre and SIR as Flagship customers. and Venroy to handle their bodily shops identical to how they’ve grow to be accustomed to with their eCommerce websites.
Nadia Lotter, CEO of Aje Athletica, stated Flagship is among the first instruments they’ve used that delivers actual time knowledge and insights into how persons are buying of their shops.
“We will immediately drive accountability on merchandising our product vary throughout the ground and floor the information the crew have to motion real-time modifications to drive a constructive influence by providing the related product to every visitor at a retailer degree,” she stated.
“We will now lastly give our retailer managers the boldness they should make modifications to the VM based mostly on gross sales knowledge and shortly acquire suggestions and approval from the VM crew, guaranteeing we shut the suggestions loop and always go again the learnings on a retailer degree and enhance our understanding of our visitors in-store as we develop.”
Tidal Ventures accomplice Georgie Turner backed Flagship as the primary funding from the VC’s third Seed fund.
“Over the previous six months working with Flagship, we’ve witnessed Simon’s exceptional product imaginative and prescient and seen the spectacular execution from his small however mighty crew,” she stated.
“Flagship’s ingenious strategy entails harnessing untapped retailer knowledge and cutting-edge AI to optimise retail operations like visible merchandising, fostering synergy between retail’s on-line and offline realms by way of a unified, revolutionary working system.”