Fashion technology startup Vestis Labs has raised €50K investment to continue their plans to build a digital ecosystem in the fashion industry through digital prototyping. Part of the funds were raised during BeAngels’ inaugural Luxembourg networking event last November.
Whilst the fashion industry may seem glamorous, it is also wasteful, inefficient, and non-digitized. Vestis Labs – one of the winners of the 12th edition of Fit 4 Start – provide tools to help fashion companies adapt to a digital design development process without taking away the essence of their creativity. They believe “the future of design will not be limited to sketching with pens and papers but with clicks and drags.” Their aim is to standardise and accelerate digital transformation in the fashion industry by leveraging creative 3D technology to offer a subscription-based platform for digital sampling and fitting for physical production.
Several fashion companies are already benefiting from Vestis Labs’ technology. Working together, they have been able to iterate their designs quickly without having to create excess physical samples. This not only lowers the amount of waste usually generated when producing physical samples, but it also reduces costs. Having a digital selection also enables them to implement their on-demand and personalisation business model.
Vestis Labs was one of five startups to pitch at Luxembourg’s first in-person event hosted by the Belgian angel investor network, BeAngels, in November 2022. The network opened its Luxembourg chapter earlier in the year and their monthly Investor Forums – initially held online – offer startups the opportunity to pitch to the community. The November event was held at Edmond de Rothschild’s offices at Cloche d’Or and welcomed investors from Belgium and France in addition to local investors. According to Maxim Soudan, Marketing & Communications Manager at BeAngels, “This monthly forum is the perfect opportunity to build relationships and show the interest of investors for Luxembourg startups and vice versa.”
As a result of the live pitch, BeAngels’ November Investment Forum, Vestis Labs were able to secure investment. According to its CEO, Fonny Bunjamin, “[The event] means a lot because it started the momentum of our fund raising activity.” This, combined with further investment from outside of the BeAngels network means the startup has been able to raise €50K to support the growth of their business. “We will use this mostly for sales & marketing and product development.” Bunjamin explained.