Slyce raises $8.7 million, plans to launch new visual search fashion app “Craves”

Toronto-based Slyce had a busy 2014 and raised a significant amount of capital, striking partnerships with Neiman Marcus and Tilly’s, and acquiring BuyCode, Drivetrain. After acquiring SnipSnap earlier this year, it seems the mobile visual search company is only getting started.

Slyce has closed $8.7 million in funding, led by Salman Partners and Beacon Securities, with participation from PI Financial Corp. This latest round brings the total investment into Slyce to over $36 million.

Slyce is a visual product search platform and is becoming a Canadian success story in the e-commerce and retail space. The company has created a name for themselves as being “The Want Engine.”

To-date, the Slyce platform has seen Neiman Marcus, Tilly’s, JCPenney and Toys”R”Us and has seen 4.5 million proprietary users and over 8 million total users. The company will use the funds to “further accelerate fortune 100 client acquisition.”

Slyce CEO, Mark Elfenbein, said, “We’ve seen visual search now undoubtedly reach that point of critical mass where almost every major retailer is looking to integrate the technology into their ecommerce apps and offer that anytime, anywhere, seamless ‘Snap-to-buy’ experience to their customers. This latest round of financing is highly-significant to the organization as it enables us to take full advantage of this appetite in the market and increase our ability to efficiently onboard the world’s largest retailers.”

Slyce also announced that it will release its latest app, a visual search enabled fashion discovery app called Craves, in June.

Ian Hardy

Ian Hardy

Ian is the Director of Partnerships for BetaKit. He's been quietly creating and building things for years and is completely addicted to Tim Hortons.