The now publicly listed U.K. retailer, Asos, has announced a new partnership as part of its Asos Ventures branch. Telefónica’s Wayra and Asos Venures have come together and are looking for mature start-ups with a proven track record within the fashion technology space to be a part of its new accelerator programme.
Both Asos and Wayra will invest a combined £34,000 for an equity stake ranging 5 to 10 percent, as well as providing the start up with 8 months of office space at Wayra’s London academy, mentoring and business development support.
“Asos has always been known as a digital leader and this partnership will help us continue to serve the needs of our customers as they evolve. There are specific areas where we would like to accelerate innovation, but we are also excited to hear what ideas come back from the start-ups themselves. The potential here, for ASOS, our customers and the companies we end up working with, is huge and Wayra UK is the perfect partner to work with on this search,” said Cliff Cohen, CIO, Asos.