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Wig Customization Start-Up Parfait Raises $5 Million in Funding

May 9, 2022
May 9, 2022
Parfait

Parfait is on its way to disrupting the wig industry, backed by $5 million in seed funding led by Upfront Ventures and Serena Ventures.

WHO: Co-founded by Isoken Igbinedion, Ifueko, Marlyse Reeves, and Simone Kendle, Parfait is a brand-new wig customization platform aimed at disrupting the category by integrating facial recognition and artificial intelligence to provide buyers with customizable wig products.

Customers choose texture, length, and style while technology detects head measurements and skin tones with only four images. An in-house stylist reviews the AI's prediction before customizing the wig, e.g., plucking the hairline, tinting the lace front, etc. The client receives their custom wig within five to seven business days.

WHY: This new funding will bolster Parfait's production capacity and automate its supply chain capabilities to enter new markets domestically and internationally.

IN THEIR OWN WORDS: "Parfait's mission to leverage Al to solve core issues for both the tech industry and communities of color is something we, at Serena Ventures, have believed in since the beginning," said Serena Williams, Managing Partner at Serena Ventures, in a statement. She went on to say, "It's been inspiring to witness their incredible achievements so far, and we're proud to invest in this next phase of Parfait's growth."

"It's widely understood that facial recognition systems perform less well for women and people of color. Training models used in facial recognition technology are largely unbalanced, often relying on training datasets that are similar in makeup, and do not represent the visual composition of faces worldwide. This often results in poor performance for users who do not fit into that dataset, often represented by white faces and male features," said Parfait founder and former Target and Amazon executive Isoken Igbinedion.

She continued, "Parfait seeks to be the first to make major progress in improving product and service outcomes for marginalized communities, starting by building technology designed to serve women and people of color. "

DETAILS:

  • Parfait closed $5 million in seed funding led by Upfront Ventures and Serena Ventures with participation by Ulu Ventures, Unshackled Ventures, Contrary Capital, Visible Hands, True Capital's Culture Fund, Omar Johnson, Chamillionaire, Tristan Walker, and Upland Workshop. 
  • The brand comes out of beta with a waitlist of more than 10,000 customers.
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