London-based all things beauty marketing specialist Odore has secured $5 million in a seed round led by Fuel Ventures with participation from undisclosed existing investors. In the company’s previous pre-seed funding round announcement (at $1.35 million), investors included Blackfinch Ventures, SFC Capital, and angel investor and author Alister Esam.
The company offers a product suite that enables brands to create online experiences, centralise operations, cultivate customer bases, and integrate physical and digital marketing efforts through solutions that include product sampling, metaverse campaigns, and cross-channel digital activations. By collecting zero-party data, brands retain control of their retargeting and customer engagement.
“From the platform experience, the robust suite of tools, and the blending of digital and physical, everything is designed specifically for the brands, resulting in a far superior experience and very high levels of continued business from world-leading brands,” commented Fuel Ventures’ Shiv Patel. “The rapid expansion of both Odore’s geographic footprint, as well as its financial traction, makes us really excited to see what the team does next.”
Odore counts the entire L’Oreal Group (including the likes of Armani, Lancome, YSL, etc.), Dior, LVMH, and Shiseido amongst its client base, and according to the startup offers Net Dollar Retention (NDR) rates exceeding 320% over the past year and recurring revenue increase by 3x over the past 12 months.
"The challenges that today's industry faces are complex, and we founded Odore to provide solutions that are not only comprehensive but also transform the way brands strategize, operate, and connect. This is just the beginning. With this latest funding round, we're delighted to have Fuel Ventures on board for our next chapter as we expand our team and business globally and launch new tools to better serve our customers,” said the company’s co-founder Armaan Mehta.