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Women's fashion startup receives $250k from TMT Investments

0 30 July 2014

TMT Investments PLC has invested $250,000 in the American startup Le Tote Inc., based in San Francisco.

Le Tote is an online platform offering a range of women’s clothing from which users can rent their favourite items or accessories for a fixed monthly price of $49.

At Le Tote they are convinced that the concept of “trying before you buy” could be a unique solution for young women across the world, who want to look fashionable at an affordable price.

Artem Inyutin, head of investment at TMT Investments: “The ever changing nature of the Western fashion and cosmetics industries has led to a trend towards trial purchases, which are very popular amongst teenagers and young people. This group of consumers is the most progressive, as they do not have strong attachments to traditional brands and love to experiment. The team at Le Tote works with this demographic and shows great dynamism.”

The company was founded by the two entrepreneurs Brett Northart (Company President) and Rakesh Tandon (CEO) in 2012. Tandon has more than 12 years experience working in investment in tech projects. He began his career at the technology division of JP Morgan in New York. Brett Northart worked for 6 years at M&A in the technology sector.

TMT Investments PLC is a public company which was created by the founders of RBK, and trades on the London Stock Exchange. It invests in various high-growth, internet projects, with the aim of turning them into major international businesses. From 2011 the TMT fund has invested in 30 companies across the world, including 7 from the former USSR. 

Source: RusBase.vc, Firrma.ru

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