SYDNEY — Hong Kong-domiciled vogue know-how firm, Ordre Group, has raised $9 million in a Series B funding spherical, led by Brisbane, Australia-based Morgans Financial Ltd.
Several VC institutional traders additionally participated within the funding spherical — the corporate’s third since its 2015 launch — together with Sydney-based Alium Capital Management and London Stock Exchange-listed NFT Investments plc.
Bringing Ordre’s complete funding raised to $30 million, the brand new funds can be used to relaunch the corporate’s unique multibrand digital showroom platform Ordre.com and broaden Ordre Virtual, the brand new customized/white label digital showrooms platform that launched final month with Lanvin and The Row, incorporating digital excursions of bodily showrooms, interactive video, livestreaming and real-time digital appointments, along with 360-degree view collections utilizing Ordre’s Orb360 imaging applied sciences.
Orb360 — which was used solely by Amazon for the launch of its Luxury Stores within the U.S. in September — can also be to be scaled up, with the growth of cellular providers in China, Japan, South Korea and Los Angeles along with the corporate’s established Paris, London, Milan, New York and Sydney markets.
Ordre.com has a world retailer community of greater than 8,000 patrons in 93 markets, viewing assortment showrooms from 250-plus manufacturers. Beyond Amazon, Lanvin and The Row, different lead purchasers for the Ordre Virtual and Orb360 providers embrace Louis Vuitton, Givenchy, Chloé, Loewe, Azzedine Alaïa, Thom Browne, Isabel Marant, Alexander Wang and Tory Burch.
The Ordre Group pipeline additionally features a new product verification platform and shopper app referred to as Authentique, that mixes blockchain, visible recognition and NFT applied sciences and is designed to help the luxurious vogue trade fight counterfeit merchandise, while establishing digital possession. The Authentique market is anticipated to launch in 2022.
According to Ordre’s Australian founder and chief government officer Simon Lock, the corporate has skilled 325 p.c development over the previous yr, with its digital showrooms on Ordre.com and Ordre Virtual approaching $1 billion in gross merchandise quantity.
“The company has identified a range of opportunities as a result of the acceleration of our technology platforms during the pandemic as the fashion industry further digitizes both b-to-b and b-to-c operations,” Lock stated.
He added, “Authentique is perhaps our most exciting venture to date: visual recognition technology, which creates digital fingerprints of products. You can scan a product with your phone and instantly verify if it’s the real thing and once you own it, you can transfer digital ownership of that product through an NFT to your [crypto] wallet. We think we have a very unique and fit for purpose product.”
Said Rob Douglas, government director at Morgans, “Ordre’s technology platforms represented significant growth opportunities for our investment partners. It is clear that globally the fashion industry continues to embrace new innovative tech platforms and Ordre’s reputation and track record provides a foundation for rapid growth. We are also really excited about the company’s move in the fashion NFT space.”
Reflective of the style trade’s supercharged digital transformation within the wake of COVID-19, Ordre’s funding information follows latest bulletins by extra established American b-to-b rivals NuOrder and Joor, which have raised $45 million and $46 million, respectively, since March. Last month, NuOrder, along with U.S.-based world e-commerce platform Ecwid, was acquired by Canadian point-of-sale and e-commerce software program supplier Lightspeed in a mixed deal price near $1 billion.
One of 28 finalists on this yr’s LVMH Innovation Award, The Ordre Group was invited to affix the LVMH Lab showcase eventually month’s VivaTech in Paris.
The firm has additionally been invited to take part within the inside LVMH Retail Lab, which is able to see Ordre current its applied sciences to greater than 500 executives at LVMH’s 75 manufacturers over the subsequent six months.