Purple Dot raised a seed round of £1.35 million, led by Connect Ventures

Purple Dot, a London, UK-based software startup, announced that it raised a seed funding round of £1.35 million ($1.8M).

The money was raised from a range of investors led by Connect Ventures, and included contributions from AI Seed, Moxxie Ventures, Andy Chung and Philipp Moehring from AngelList, Alex Roetter and the family office of Paul Forster, co-founder of Indeed.com.

Purple Dot, founded in 2019 by CEO Madeline Parra and John Talbott, developed an ecommerce plugin for fashion retailers helping their consumers interested to pay upfront for fashion products, and thusly request a “worth-the-wait” lower price.

The advantage for retailers is that they can then decide whether or not to release a fashion product mid-season at a slightly reduced rate in order to secure the sale. The customers still pays upfront and then waits to have the item confirmed, receiving a full refund if not.