Villoid, an Oslo-based shopping app, has raised kr13 million ($1.62 million at current exchange) in venture funding. The company has raised a total of $1.74 million to date.
The investment came from angel investors Andreas Randel and Mikael Randel.
Villoid was founded by Jeanette Dyhre Kvisvik and Jarle Snertingdalen in 2015. The app is a mixture of Instagram, Pinterest and online shopping, and allows users to make shoppable outfit inspiration boards. The app also lets users follow fashion trends through other peoples boards, and share their own boards with friends and Villoid’s online community.
Villoid is backed by Norwegian-based telecom company Telenor and global online media company, Schibsted Media Group. The app makes money through different partnerships with brands, including commission and advertising.
In 2015 Kvisvik brought Alexa Chung on board for a re-launch, and the app took off. Since Chung’s announcement of her involvement with the company, 10,000 new boards are being made every day, according to the company.
“Only five years ago, a few fashion editors would decide who and what was cool,” Kvisvik told Forbes. “Today that power has shifted to the people. Community trumps the elite. It is in this reality Villoid comes in, merging social media and community thinking with e-commerce. The world is changing, and the market places are changing with it, and we try to be at the very forefront of that development.”
The new investment will be used to scale the app.