London and Berlin-based next-generation home and living online retailer, Fy! has raised £5 million from Hoxton Ventures with additional investment from various angel investors.
Fy! will use this fund to focus on growth in international territories including the USA, Australia and the EU, and speed up the innovation of their proprietary, machine learning-driven technology platform.
The mobile shopping experience has favoured Fy!’s revenue growth to 10x in one year, by achieving more than £35 million in sales revenue.
Personalised shopping experience
Fy! uses a combination of social content, machine learning and product knowledge to create a personalised, curated mobile experience for every shopper. They partner with over 2,500 independent brands and artists to bring their unique home and living products to a new audience of mobile native shoppers. These shoppers – 25 to 40-year-olds who are underserved by traditional retail – are looking for inspiration and wonderful products for their home.
The funding comes when retail is undergoing generational and situational changes, where brick and mortar closures because of the global pandemic have accelerated online and mobile usage. Consumers have changed the way they shop and are expecting much more of online retailers – free fast shipping, a personalised, inspirational experience and a wide-ranging, affordable selection of products – all things Fy! offers. Consumers are also looking to buy on mobile – over 50% of…