The round also saw the participation of angel investor Michael Blakey of Cub Capital.
FreshMonk, led by Singapore and Noida-based 91 Design Labs Pvt Ltd, has raised an undisclosed amount in 'Series AA' funding from VC firm August Capital Partners (ACP), as reported by VCCircle.com.
The round also saw the participation of angel investor Michael Blakey of Cub Capital. The fund is likely to be utilised in the expansion of the firm in Asia market.
FreshMonk was founded by Prashant Gulati and Shashank Agarwal in the year 2014. FreshMonk is a crowd-selling platform to design and sell custom apparel online with no upfront cost, no guessing quantities or sizes, no distribution hassles and no painful cash collection.
"The apparel manufacturing industry has a major commercial, social and environmental impact on Asia and the world. However, the systems, technologies and processes have hardly changed for over a 100 years. We believe that 91 Design Labs' technology driven approach has the potential to create a "step change" in this industry," said Alex Kumar, director, August Capital Partners.
"The zero investment, risk-free nature of a FreshMonk campaign allows sellers to experiment with multiple designs and allow the market to determine which ones are popular and which ones aren't," Gulati told VC Circle.
"With our platform, we're applying our engineering know-how to re-structure the entire fabric to customer process - from collecting demand more efficiently online to improving the quality of manufacturing and printing," said Agarwal.
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