Farfetch launches Start-Up Technology Accelerator: 'Dream Assembly'
London - Luxury online retailer Farfetch is launching a new technology start-up accelerator, entitled 'Dream Assembly'. The online platform has already enlisted heritage fashion house Burberry and global venture capital form 500 Startups as its first partner organizations.
Dream Assembly is set to offer a number of the 'most promising' start-ups access to a 12-week biannual programme which includes early-stage funding, mentorship as well as networking opportunities. The new initiative will be based out of Farfetch's office in Lisbon and will include a series of workshops, one to one sessions with senior members within Farfetch and mentoring sessions covering key topics, such as e-commerce, marketing, technology, fashion, logistics, and operations. The selected start-ups will have direct access to Farfetch's expertise within the luxury fashion and technology industries.
Farfetch to support start-ups through new initiative - Dream Assembly
"I’m delighted to be launching Dream Assembly. When I started Farfetch 10 years ago, we were a small startup," said José Neves, Founder and CEO of Farfetch in a statement. "Back then, I needed exposure to boutiques, brands, and customers to try my service, and I needed technology support and mentoring. Farfetch Dream Assembly is dedicated to supporting the best entrepreneurs and teams to scale to the next level. We believe that the whole luxury fashion industry, including Farfetch, can benefit from helping to support the next generation of technology companies dedicated to shaping the future of e-commerce."
Burberry, which is already known for its leadership position in the digital world for luxury fashion, will provide modules for the programme, while 500 Startups will provide mentoring, as well as sales and marketing expertise to the start-ups, including one-week training in San Francisco and one week in Lisbon. Dream Assembly will be divided into cohorts, with each cohort consisting of up to 10 start-ups. Applicants interesting in joining can apply online at dreamassembly.com, with application closing June 10, 2018. The first programme is slated to start early September.
"Farfetch is the global technology platform for the luxury industry. Now we want to give back to start-ups and the fashion technology ecosystem," added Stephanie Phair, Chief Strategy Officer, Farfetch. "Through the Dream Assembly accelerator, we’re aiming to give access to the best expertise and mentorship that Farfetch can offer. It’s wonderful to have Burberry and 500 Startups on board as our partners as we launch and we can’t wait to work with some incredible start-ups and help them in the early stages as they build their companies for the future."
News of the start-up accelerator launch follows on from growing number of initiatives announced over the past few weeks. Dame Natalie Massenet, founder of Net-a-Porter and Farfetch co-chairman, new venture capital firm, Imaginary Venture, announced earlier this week that it has successfully closed its first round of funding of 75 million US dollars. French luxury conglomerate LMVH also launched a start-up accelerator last week, which aims to support 50 start-ups a year.