Serena Ventures-backed Trace launches fashion presale app after $3 million seed round

Fashion technology startup Trace launched its consumer app on Thursday, 15 October, WWD reported in an exclusive.

Funding and founders

• Trace raised $3 million in a seed round led by Serena Ventures, with participation from Shakti VC.
• Cofounders Katie Pfleger (formerly Etsy) and Ella Rubin (helped launch Walmart Online Grocery) are Harvard Business School graduates.
• Serena Williams, managing partner of Serena Ventures, told WWD: “Trace is transforming the way people shop.”

How it works

• Users paste a retailer product link; AI pulls details to create a listing in under 10 seconds. Another user can “call” to rent or buy later at a stated price and date; payment is charged when the lister accepts.
• In beta, fewer than 300 users listed more than 500 pieces; 32% listed on sign-up. About 70% of calls were to rent and 30% to buy.
• Buy calls: 10% service fee plus $3 buyer protection; rental calls: 10% service fee, $5-$12 protection fee, and listers pay 15% commission on rentals (no commission on resale listings for listers, per WWD).

Trace planned a SoHo pop-up at Shopify from Friday through Sunday with stylist edits and women-founded brand truck shows.