Praetura Ventures backs artificial intelligence startup Sparkbox

Praetura Ventures has invested £1.5 million into Sparkbox, a UK-based startup that uses AI and data to help retailers’ merchandising teams make better stock buying and pricing decisions. 

Launched in 2019, Sparkbox works with the likes of River Island and MATCHESFASHION, enabling them to forecast demand, optimise their pricing and promotions and plan inventory to reduce waste and the need for big discounts.

It will use Praetura Ventures’ investment to double its team and onboard further fashion, home and seasonal retailers.

The company was co-founded by Forbes 30 Under 30 inductees Lindsay Fisher and Matthew Wong, and Kevin Blackmore, who prior to Sparkbox was VP of Customer Insights at Best Buy and a retail analytics partner at Accenture. 

Fisher says: “As a team of former retailers, we’ve seen first hand how the retail industry is advancing in many areas but falling behind when it comes to making data-driven decisions.”

“We know how much potential there is for AI and machine learning to improve profits and reduce waste in retail, and we are thrilled to have Prateura join us on our mission to modernise merchandising and put data behind the important pricing and inventory decisions our users make every day.”

Colin Greene, Operational Partner at Praetura Ventures, comments: “Sparkbox’s approach to inventory optimisation has the power to bring about massive changes in fashion and home retail, which is clearly behind the times when it comes to technology adoption within merchandising.”

“I’m looking forward to working with the team and sharing some of the lessons I’ve learnt from my time at Apple and the other tech businesses I’ve been lucky to work closely with over the years.”