AI-powered Taffi raises $2M+ SEED
Saudi-headquartered and MENA-connecting Taffi secures over $2M in Seed funding to build on its success of democratizing access to global fashion
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AI-powered fashion marketplace Taffi has successfully raised $2M+ in SEED financing led by Impact46 and Al-Rashed Group (ARG). In addition, the round also includes prominent angel investors from WomenSpark, Sultan Al-Hokair, founder of the fashion retail company Eyad Mashaat and Abhishek Sharma, and Jamil Ahmad, founders of the apparel manufacturing marketplace Fashinza.
Taffi offers an AI-empowered fashion marketplace platform enabling fashion stylists to manage their clients online in a hyper-efficient manner with the tools and built-in scale to serve many more clients than they could have without Taffi. The platform allows clients to acquire new customers easily, showcase their online portfolio to new audiences, and broaden their global reach. For brands and clothing providers, Taffi is a robust global market that provides deeper connections and a better understanding of their customers in ways that current e-commerce or local retailers could not offer today.
While B2B solutions like MaxAB and Capiter in Egypt, Bazaar in Pakistan, Sary in Saudi, and Sle3ti in Morocco received the utmost investor attention and backing in 2021, the industry has developed intricate and niche solutions in MENA. As recorded in our State of Startup Funding-2022 Emerging Venture Markets Report, the MENA-based E-commerce sector observed a 12% YoY increase in number of transactions closed over 2021, with regional and international investors backing E-commerce platforms integrating next-generation tech in finance, AI, data analytics, and automation. While investors backed niche market propositions like Saudi-based Moya App quenching the kingdom’s freshwater needs, UAE-based Pure Born disrupting the organic Nappy market, and Egypt-based cashback pioneer Waffar X creating marketing opportunities for customers, Fashion & Lifestyle ventures like BNPL pioneer Nejree Closet have also acquired their share of VC investment.
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Taffi is creating opportunities for over 28 million women in the Middle East. They are homemakers, fashion enthusiasts, and very interested in styling as a source of income from the comfort of their homes. “This latest funding round allows us to continue our mission to bring global fashion styles to consumers in the most intimate and personalized manner. Today, e-commerce still has many challenges. From discovering styles to the right fit for you or the moment, the current e-commerce experience is still not the shopping experience we know modern technology can deliver” said Shahad Geoffrey, Founder and CEO of Taffi. Moreover, the logistics and operations to achieve this experience are still tricky for regional retailers today, but the world is no longer a regional marketplace. Customers today demand global access and purchase opportunities and, at the same time, want it deeply personalized.
Taffi has already started to connect customers, clothing providers, and individuals across the style, fashion, and merchandise ecosystem to deliver a global, on-demand personalized style marketplace in the EMEA region. Seeing the traction in Saudi Arabia has been exciting, but most importantly, the platform is helping people and businesses from at least three different segments; shoppers, stylists, and clothing. “Whether our customer wants access to the latest local Paris fashion, from Dubai, or the trending Tokyo street fashion, on the streets of Cairo. Taffi’s mission is not simply about delivering clothes; it’s about opening new possibilities by empowering our customers with no constraints on how they could look, what they can access, and, more importantly, how they can feel about themselves every day. Our technology and platform are built to deliver this connection. But, of course, clothes are a crucial component” Added Pradeep Bisht, Co-Founder, and CTO. “So getting support from these key strategic investors, who share our vision of e-commerce, is an important next step in making it a reality for everyone.”
Taffi will deploy the latest funding into the growth of the technology platform, continued nurturing and scale of the stylist community, and build on the excellence of their customer experience and continued customer growth.“Fashion is one of the largest segments of e-commerce in our region. With such a big market and potential, there come challenges and gaps for all stakeholders of this ecosystem. Taffi is uniquely positioning itself to complete the loop between consumers, fashion brands, and fashion stylists. This segment has yet to be tapped in our region, and we believe Taffi's team, led by Shahad Geoffrey, is well equipped with the right mindset and background to address this segment.” Commented Mohammed Alnasyan from Impact46 “As the world continues to become more connected and more personal, Taffi aims to be the leader in not just clothes, but that platform that creates meaningful connections between people, brands, and styles across the globe, united by fashion” concluded Taffi Founder & CEO Shahad.
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