Basico, Brazil’s first online-only premium basic apparel brand, has raised US$ 500,000 in seed funding to establish itself in the booming e-commerce sector.
The investors include Initial Capital, Brazilian Venture Capital Fund, as well as contributors Roi Carthy and Guilherme Soarez. The Brazilian company will use the new funds raised for its public launch, according to Alexandre (Bio) Veiga, CEO of Basico, Techcrunch reported.
Basico’s first line of apparels, comprising of t-shirts, polos, tank tops, and basic wears for men and women, will be made using high-end Pima cotton cultivated in Peru, Mr. Veiga said.
The company plans to use the best quality raw material and garment manufacturing units, used by labels including Abercrombie, Polo Ralph Lauren and Lacoste, he added. It aims to be Brazil’s answer to brands like Everlane and Bonobos. Basico plans to eliminate the middlemen to deliver premium quality directly to the buyers, as done by other e-commerce companies.
