SquareKey raises angel fund from group of angels including 500Startups, Devraj Southworth and others.
SquareKey, an editorially driven apparel and accessory site with access to current-season range of premium global brands India consumers has raised angel investment led by New York based unnamed investor, 500Startups and Devraj Southworth, a senior advisor and Executive Vice President of Zipmark.
Speaking to Yourstory, Avantika Daing, founder, SquareKey said “The raised capital would primarily be used for marketing, creating collaborations, building individual brand awareness, enhancing offering and consumer technology”. However, the startup did not disclose the exact number of orders it’s shipping on everyday basis. According to Daing consumer demand, orders and unit economics have been so far encouraging.
With an outlet in NewYork as well, SquareKey claims to have average ticket size is around $150/item. “We continue to add additional international premium contemporary brands along with services, namely, Personal Shopper and Concierge Service, was just introduced,” added Daing. The company also plans to introduce some interactive consumer technology to enhance the one dimensional buying experience which consumers typically face online.
Founded in 2011 by Avantika Daing, SquareKey curates relevant information on the latest designers, fashion trends, styles, etc. The firm has partnered with more than 60 brands and manufacturers, including, BCBG, Nanette Lepore, Ben Sherman and Nicole Miller. Sharing his thoughts behind the investment Pankaj Jain, partner 500Startups said “Simple revenue model with great unit economics plus a fantastic team enticed us to invest in SquareKey. Avantika and her team are amazing and they've built a great business with strong revenue selling upscale US brands in India at prices that are comparable to US prices”.