Snap Fashion receives strategic investment from Time Inc
12 Aug 2015
Online visual search company, Snap Fashion, has received strategic investment from publisher Time Inc., which owns magazines such as InStyle and Marie Claire.
The London-based fashion firm operates a series of apps, in addition to a website, which let users upload photographs of clothing which Snap Fashion then uses to locate where the items can be purchased online from a database of over 250 retailers.
Time Inc. declined to reveal the exact size of the investment, which will be used to expand Snap Fashion. Founded in 2011 by computer science graduate Jenny Griffiths, Snap Fashion was first launched in 2012. "I look forward to working [with Time Inc. UK] to develop ways of monetizing content beyond traditional advertising," said Griffiths on the investment.
Neil Robinson, Time Inc UK's digital director, who is set to join the Snap Fashion board told WWD that the investment "will transform the e-commerce capabilities of our fashion brands." Marcus Rich, chief executive officer at Time Inc UK added: "This investment helps us to extend our relationship with fashion-loving audiences," noting it will "deliver strategic benefits to our portfolio and reinforces our focus on the 16-to 34-year-old audience as a key group for growth."
"We have been hugely impressed by founder Jenny Griffiths and the opportunities we have to take Snap Fashion into new retail sectors and services for advertisers," concluded Robinson.