Finesse, a startup promising to take the guesswork and waste out of fashion, is announcing that it has raised $4.5 million in seed and pre-seed funding.
Founder and CEO Ramin Ahmari said the tremendous waste in the fashion industry has become a badly kept secret, with Burberry recently facing a backlash over its practice of burning unwanted products, and the industry as a whole producing an estimated 13 million tons of textile waste each year.
Finesse is looking to change that, Ahmari said, in part by taking advantage of the fact that fashion trends are moving out of the “hermetically sealed” world of catwalks and onto social media, where new products take off “on the backs and bodies and posts” of influencers like Kylie Jenner.
“In the simplest terms, you can think of what we do as seeing when Kylie posts a picture on Instagram and people go crazy about it … and then you see that happen not just on Kylie’s post but across Instagram, TikTok, Google Trends,” he said. “We predict the establishing of a trend before it goes super-viral.”
Finesse then uses this data to design new products. Ahmari said that by taking advantage of a “very fast supply chain,” along with tools like CLO 3D-modeling software, Finesse can go from identifying a trend to having a product available for purchase in less than 25 days.
While the startup is officially launching today, it’s already been selling products through “drops,” where customers vote for and pre-order products that will only be available in limited quantities. Ahmari said Finesse focuses on selling unique pieces rather than staples, but because it’s confident about consumer demand, it can keep things much more affordable — the products currently for sale range from $8 to $116.