News

Prosus Ventures Co-Leads $37M Series A Financing of Virgio

December 21, 2022Client News

Gunderson Dettmer represented client Prosus Ventures as it co-led the $37 million Series A financing of Virgio, an India-based fashion-tech startup and fast fashion brand. Founded in 2022, Virgio’s unique technology-based model streamlines the fashion lifecycle to offer real-time fashion. The new capital will be used for technology development and hiring.

In the announcement of the transaction, Head of India Investments at Prosus Ventures Virgio Ashutosh Sharma said, “There is a large underserved market for branded apparel in India currently. For example, for women, only ~25% of fashion is branded apparel. The fashion industry in India is thus at an inflection point, driven by changing consumer preferences as a result of social media’s influence, an important Gen-Z characteristic to individualize as a form of expression, and the integration of social commerce with social media platforms. We are confident in Virgio’s tech-first model and believe the startup’s expert founding team is uniquely positioned to capture a large opportunity in India’s fashion industry.”

The Gunderson Dettmer deal team was led by Jonathan Pentzien and included Soo Guo Kai and Sherin Paul.

Companies:
Prosus Ventures
Virgio