Funding and round: €5 million, seed.
Investor(s): CDP Venture Capital’s (portfolio includes: Italie, Nexus, Vino.com) Artificial Intelligence Fund, Redstone VC, Euregio+ and The Techshop.
Investor comments: “Covision is transforming how visual content is created and utilised across multiple industries. This is by far the best technology globally we have seen. We are thrilled to support their journey as they strive to develop more groundbreaking tools and products,” said Michael Brehm, founding partner at Redstone VC.
Arcade
Company description: Arcade is a generative AI marketplace that allows shoppers to input text prompts or image references and receive an AI-generated design that can be customised, then manufactured into a physical product the customer can buy. Initially launching with jewellery, Arcade released home goods after announcing the fundraise.
Funding and round: $25 million, Series A.
Investor(s): Canaan Partners (portfolio includes: The RealReal, Match.com), Forerunner Ventures (portfolio includes: Glossier, Curology, Oura), Adverb Ventures, Factorial Funds, and current investors including Reid Hoffman, Offline Ventures, Sound Ventures (Ashton Kutcher), Inspired Capital and Torch Capital.
Investor comments: “Today, every category is up for reimagination, with AI fundamentally reshaping consumer product experiences and business models. One immediate and profound opportunity is to truly deliver on personalisation for consumers, proactively surfacing the best possible options tailored to someone’s unique taste, budget and intent,” said Kirsten Green, founder and managing partner at Forerunner Ventures. “Arcade is delivering on the premise and taking it one step further by enabling the consumer to participate in the creative process through a dynamic co-creation experience that provides entirely customisable end products.”
Pickle
Company description: Pickle is a US-based peer-to-peer fashion rental app. The startup will use the funding to scale its same-day and on-demand offering, enhance product and community experiences and expand its team across marketing, engineering and logistics.
Funding and round: $12 million, Series A.
Investor(s): FirstMark (portfolio includes: Discord, Upwork, Airbnb), Craft Ventures (portfolio includes: Airbnb, Uber, Meta), Burst Capital and FJ Labs.
Investor comments: “At FirstMark, we rarely double down this early, but Pickle is proving to be one of those rare marketplaces where virality, organic growth and deep consumer love are creating extraordinary network effects — it reminds us of the early days of Instagram when a community-first approach and simple-yet-sticky product drove explosive engagement. The retention, engagement and community-driven expansion we’ve seen are signals of a truly category-defining business,” said Rick Heitzmann, co-founder and partner at FirstMark.
Purple Style Labs
Company description: Purple Style Labs is an Indian luxury fashion company founded in 2015 that aims to scale local brands internationally. The group owns minimalist resortwear brand Wendell Rodricks, luxury label Hemant Trevedi (founded by the eponymous Indian designer), multi-brand e-commerce platform Pernia’s Pop-Up Shop and First Look magazine.