True invests in first startups from new seed fund.
True has invested in two AI-powered startups with innovative business models and technologies within the retail and consumer industry; Klydo – an innovation assistant – and AI-powered hiring platform Jump.Work, Both startups have taken up residence in True’s Innovation Hub in Victoria, to gain invaluable access to the leading influencers and businesses from the retail and consumer community.
True is initially investing up to £500,000 in seed stage startups with fit-for-the future business models, with further follow-on funds reserved to help the startups scale. The fund will invest across the retail and consumer sector, targeting both UK and internationally-based technology-enabled consumer and retail businesses, and True will draw on its sector specialist network and growing roster of global partners to add substantial value to its portfolio companies.
Matt Truman, True’s CEO and Co-founder, comments: “Securing £10 million for True’s second seed fund and hitting our hard cap target demonstrates the significant interest investors have in the retail and consumer sector and the promise that new technologies have to play in disrupting the sector. With a substantially larger fund we can invest more in the young businesses that we believe have the potential to transform the retail and consumer industry, deliver financial returns for our investors and reciprocal advantage for our partners and wider portfolio. Complementing our existing £200m of growth and buyout funds, we’re confident True will continue to be a focal point for innovation in the retail and consumer industry.”
Oksana Stowe, True’s Growth Principal says: “Our latest investments in AI demonstrate the move by the retail and consumer industry towards ever more transformative technologies, as well as True’s commitment to evolving the industry through its investments. I look forward to working with the teams of Klydo and Jump.Work at this exciting stage of their development.”
The second seed fund, which is over three times the size of True’s original seed fund, is backed by a variety of True’s strategic stakeholders, including influential family offices and prominent business leaders from the retail and consumer sector.