Fabricly Raises $400,000 From Atomico Ventures
Fabricly is a company that was incubated at Y-Combinator that has raised an additional $400,000 round of seed funding from Atomico Ventures. The idea behind Fabricly is to crowdsource fashion designs and have customers determine whether specific clothing gets manufactured.
Designers submit their ideas to Fabricly and it will become part of a competition where users would vote on which items are liked best. Then it goes into a “pre-order” stage, which determines whether it will be manufactured based on how many people are committed to buy. If the threshold is met, the manufacturing happens, otherwise the whole order is cancelled.
Fabricly will work with factories in Los Angeles and New York to create the fashion items if the threshold is met. If you are a customer that placed an order on a winning fashion item, then you could expected to receive it within weeks.
The advantage of this approach in fashion is that there is a lack of overhead costs. Ari Helgason, the founder of Fabricly, said that consumers can expect steep discounts because they do not have to maintain retail outlets either. Every time that a designer’s fashion item is purchased, they will receive a 5-15% commission.@amitchowdhry or on Google+ at +AmitChowdhry