Home Venture Capital Why we invested in Sourcerie. Sourcerie has raised a £1.8m pre-seed… | by Jeevan Sunner | Playfair Weblog

Why we invested in Sourcerie. Sourcerie has raised a £1.8m pre-seed… | by Jeevan Sunner | Playfair Weblog

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Why we invested in Sourcerie. Sourcerie has raised a £1.8m pre-seed… | by Jeevan Sunner | Playfair Weblog

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Sourcerie has raised a £1.8m pre-seed spherical, from Playfair, Vorverk Ventures and strategic angels to construct the tech platform and personalisation software program for shoppers’ skincare, haircare, and bodycare wants

The way it began

I’ve been a skincare nerd since being identified with grownup zits on the age of 21. After seeing a dermatologist, I felt misplaced and confused navigating an trade stuffed with jargon, fairly packaging and intense advertising campaigns. It’s an area that I’ve all the time felt, as a shopper, wanted revolutionising….

After which we heard of Kristin Cardwell and Alex Beyer by our present Playfair portfolio founder — Mandeep Singh (thanks for the intro Mandeep 🙏).

We have been tremendous impressed with the founding group’s background starting from Palantir, Operate of Magnificence, L’Oreal, and Refinery29, to engineering levels from MIT, Cambridge, and Oxford, plus intensive expertise in tech, magnificence and scaling venture-backed companies. Coupled with their ardour for the area, we knew these are the founders to disrupt the established order in magnificence by serving to shoppers and suppliers apply goal, data-driven decision-making to their private care wants.

Founders Kristin Cardwell and Alex Beyer

The sweetness trade is failing its shoppers

Inside the booming world magnificence trade, skincare is a megatrend. Searchs for the time period on Google have elevated 350% over the previous 5 years, doubtless resulting from its affiliation with well being and wellness. Right now, 20% of individuals purchase a number of skincare merchandise every month and pores and skin situations are among the many high 10 causes for GP visits.

There over 25,000 world skincare manufacturers attempting to faucet into this main market. However that isn’t nice information for shoppers. Except shoppers’ pay for the providers of consultants or dermatologists, they’re left to coach themselves by manufacturers’ advertising groups or influencers, who’re financially motivated to advocate sure merchandise. Consequently, shopper are making high-risk, high-intent choices alone.

The outcome: a shopper overwhelmed by alternative and data.

Sourcerie’s answer

Sourcerie is first constructing a personalised procuring market between shoppers, retailers, and types the place shoppers can entry personalised suggestions primarily based on buyer suggestions and machine studying. Powered by datasets and suggestion algorithms, this stage of personalisation within the magnificence trade is a gamechanger, enabling shoppers to make knowledgeable choices which have by no means earlier than been out there to them with out the costly providers of a specialist.

Sourcerie will accomplice with trusted manufacturers, retailers, and distributors to supply all kinds of merchandise. Manufacturers will obtain related knowledge about clients and knowledge insights from Sourcerie, which they may not obtain from different sellers, to proceed bettering their merchandise for shoppers.

Sourcerie touchdown web page

Our funding thesis

Sourcerie’s beachhead market — the worldwide skincare market — is anticipated to develop at 5.2% CAGR over the subsequent 5 years to succeed in $189B by 2025. Their secondary market — the haircare market — will attain $105B in the identical interval.

Sourcerie is getting into the market at precisely the fitting second. Shopping for skincare on-line was jumpstarted by the pandemic and is changing into more and more regular, particularly amongst youthful shoppers. ‘Personalisation’ — matching merchandise which might be proper for the person — is a key pattern.

On the identical time, manufacturers’ buyer acquisition prices have risen dramatically since Fb and Google advert prices doubled in 2021. These tens of hundreds of manufacturers are struggling to distinguish themselves to shoppers at an inexpensive worth. It’s more and more troublesome for them to chop by the noise through internet marketing channels.

And at last, D2C manufacturers personal and acquire their knowledge, however once they promote by companions or resellers, they lose knowledge oversight. They obtain little knowledge about their shoppers, and what they do obtain is basically qualitative. Sourcerie is data-first. The insights on shopper behaviour and spending habits it could supply manufacturers is invaluable.

Sourcerie’s founders have a powerful knowledge and tech benefit that many founders within the magnificence trade lack. It is a compelling proposition for manufacturers who can’t entry related knowledge elsewhere, and for shoppers, for whom this stage of personalisation is unrivalled.

What’s subsequent

Sourcerie have formally launched their market and can be working intently with manufacturers to assist them service their clients.

We’re tremendous excited to assist Kristin and Alex of their subsequent section of progress

A private observe

When you’re a founder on the very earliest levels of constructing your organization, you may pitch the Playfair group right here. You may observe the Playfair group on LinkedIn, Twitter, Forbes, Vimeo and right here on Medium.



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