The Purple Dot platform raised 3.5 million euros to revolutionize the way we buy and sell online. Based in London and focusing on sustainability, the Startup allows brands to sell products before they even reach the warehouse through pre-sale and stock waiting lists with the aim of improving sales rates by up to 40%.
The new funding was led by Unusual Ventures and included previous investors Connect Ventures, Moxxie Ventures and the family office of Indeed’s co-founder Paul Forster. The Startup that overturns the field of e-commerce also raised 1.49 million euros last year .
The new funds will be used for further product development, business escalation and the acquisition of new talent – bringing a new era of e-market sustainability.
Purple Dot was founded in 2019 by Madeline Parra and John Talbott and is designed to help retailers manage demand and reduce waste. The business couple had previously founded Twizoo, before leaving the company to the British unicorn Skyscanner in 2017.
Through its end-to-end waiting list platform, Purple Dot enables e-commerce companies to sell stock earlier , as a way to maximize sales, build brand loyalty and access demand data.
Until now, traditional retail models have prevailed, where products must be in stock in the warehouse before they can be sold. With supply chain issues plaguing the industry, this is a growing problem for online brands that are losing revenue due to stock delays. Previous pre-order solutions have often failed to allow brands to optimize their customer experience and stock management.
Purple Dot’s special waiting list solution allows stocks to be sold before they arrive at the warehouse, catering to everything from pre-orders to depleted stock management and prioritizing the customer experience. The checkout of the waiting list and the customer portal are fully integrated with the existing systems and the platform manages the pre-orders from the moment of purchase until the fulfillment.
Purple Dot also helps e-commerce companies reduce waste by providing them with data-based information sooner than ever. From the types of products that are the most popular to the most sought after colors, retailers can use this data to tailor purchase orders and have a timely picture of the intended sale.
This is not only good for business, it is also good for the environment as it represents a more sustainable way of shopping online, eliminating the need for overproduction and destruction of stocks.