TheCart

The Universal Shopping Cart launching on the 1st December

Author

Quick Pitch
November 28, 2024

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Categorised as EIS/SEIS eligible

The UK’s EIS/ SEIS schemes are incredibly important for early stage startup funding, making the UK highly competitive for securing investment. At Quick Pitch we think it’s crucial to champion startups taking advantage of this super power even if pre-launch.

Today’s feature of Quick Pitch is an early-stage start up building the go-to shopping experience allowing customers to save and compare clothing with personalised suggestions.

The Market

The UK clothing retail market (e-comm & in store) is expected to grow £3bn by 2026 to £60.0bn.

This week's business solves two major problems: 

  • Online shopping cart abandonment rate is 84% on mobile.

  • 79% of UK SMEs say that their toughest challenge is attracting new customers due to the cost of developing brand awareness.

One Liner

TheCart is one central space to save items from wherever you see them online.

  • Provides consumers the ability to compare saved items in one location to make an informed purchase decision.

  • Using TheCart’s AI consumers will receive personalised suggestions on saved items from major brands and SME partners.

Quickfire

  • Headquarters: London

  • Employee count: 2

  • Investors: £20k committed, raising £125k

  • Funding amount: 1 angel investor (F&F)

  • Business model:

    • SME Partnerships at varying levels (SaaS model) for exposure to warm audiences and sales.

    • Affiliate revenue (10%) per item sold mostly with larger brand partnerships.

  • Traction metrics: Pre-Launch (1st December 2024)

Due Diligence

APPEALS

  • Lead generation for upcoming brands: Offering another way to attract new customers makes TheCart a no-brainer to partner with a lot of SME brands.

  • Slowing down Fast Fashion: Providing a central space for users to compare and review items before purchasing will have a positive effect.

POTENTIAL RISKS

  • Consumer Habits: TheCart are aiming to be the go-to place where consumers buy their clothes. This requires a change in habits. Changing habits is hard.

  • Tech Developments: Building out custom tech is expensive. Raised funds will contribute considerably to building a platform that is simple, easy to use and creates an optimal experience meeting user needs.

Competition

  • Basket & Radar - TheCart offers personalised suggestions and a curated explore page.

  • Locker - US competitor.

Founders

  • Alexander Cavadias: CEO & Co-Founder, Senior Commercial Manager at

    Spin Brands, ex e-commerce consultant for multiple consumer brands.

  • Harry Bailey: CFO & Co-Founder, ICAEW qualified Chartered

    Accountant currently working as CFO of a Financial Services start up.

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