Fashion tech startup Virgio said it had raised USD 37 million (about Rs 306 crore) in a funding round led by Prosus Ventures, Accel and Alpha Wave. According to a statement from the company, the capital from the Series A funding round will be utilized for expanding the company’s technology and hiring.
The company is building a platform for fashion technology that will provide designers seamless access to consumer preferences. According to the statement, the vision includes a network of tech-driven factories allowing designers to construct prototypes swiftly, gather consumer feedback, and scale production.
“Traditionally, the fashion industry has operated on depth and discount models. Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers,” Virgio CEO and Founder Amar Nagaram said.