12/27/2023 0 Comments Sparkbox power“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. 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.”Ĭolin Greene, operational partner at Praetura Ventures, added: “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. Sparkbox’s co-founder, Lindsay Fisher, said: In line with Praetura Ventures’ commitment to providing more than money support to the businesses it backs, Colin Greene, an operational partner at the VC, who was formerly Apple’s director of US Consumer Retail, will also join Sparkbox’s board. The team started Sparkbox after seeing an opportunity to innovate in a sector that still relies heavily on spreadsheets, guess work and gut feelings to make important commercial decisions. The company was co-founded by Forbes 30 Under 30 inductees Lindsay Fisher and Matthew Wong, and Kevin Blackmore, who prior to Sparkbox was vice president of Customer Insights at Best Buy and a retail analytics partner at Accenture.Ĭollectively, the founding team has 50 years of global retail experience, including previous work with Arcadia and The Very Group. Sparkbox will use Praetura Ventures’ investment to double its team and onboard further fashion, home and seasonal retailers, where deadstock is a constant challenge across the board. In addition to protecting retailers from profit losses, Sparkbox’s approach to data also has the potential to aid brand sustainability goals by preventing retailers from over ordering stock, with wide reports that fashion alone is responsible for up to 10% of global carbon emissions.
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