THE WHAT LVMH Ventures and venture capital firm Antler have led the US$5 million seed round for London-based start-up Heat, according to WWD.com.
THE DETAILS The luxury mystery box platform also had strategic angel investments from OTB Group’s Stefano Rosso, the Hermès family, L Catterton partner Michael Mitterlehner, German grocery start-up Flink founder Oliver Merkel and Spotify’s Director of Global Growth, Sven Ahrens.
Aimed at the Gen Z market, Heat has sold more than 20,000 mystery boxes since its launch in 2019, with each box targeting the luxury market.
Martell Hardenberg, Partner at Antler, said, “We are sitting on one of the greatest opportunities in luxury retail with consumer behavior changing dramatically over the coming years. Heat has created a unique platform for consumers and brands alike to create a new shopping and selling experience while protecting brand integrity.”
THE WHY While continuing to drive sustainability, the cash injection is said to be used to create more innovative and immersive e-commerce experiences, such as implementing gamification, AI-driven personalization and interactive drops.
Joe Wilkinson, CEO of Heat, said the the funding would also enable the company to further create a ‘a shopping platform for a digital generation and [we] are positioned to continue to innovate and make an impact in this space.”