Latest news with #Source
RTÉ News
6 days ago
- Business
- RTÉ News
Irish 18-year-old's AI startup raises €1.2m
Liam Fuller, co-founder of Source, a platform that automates stock purchasing for retailers using agentic AI, discusses how the company secured €1.2 million in pre-seed funding
RTÉ News
6 days ago
- Business
- RTÉ News
Irish 17-year-old's startup raises €1.2m
An AI startup co-founded by Irish 17-year-old Liam Fuller has secured €1.2 million ($1.4m) in pre-seed funding. Mr Fuller's company, Source, is a platform that automates stock purchasing for retailers using agentic AI. The funding round was led by Australian VC Square Peg, alongside former Stripe CTO David Singleton and the Xtripe angel syndicate. Mr Fuller is the CEO and co-founder of Source and is Square Peg's youngest portfolio founder to date. He has now left school to build Source full-time. "I was shocked to find that most businesses, especially retailers, still rely on email and Excel to buy hundreds of thousands of dollars' worth of stock every week," Mr Fuller said. "Source provides a simple interface allowing retail buyers to understand what they should buy and when by integrating into Excel, email and ERPs (Enterprise Resource Planning)." "Source scans inventory and past sales data to generate forecasts and suggest purchase orders with AI that humans can edit and approve with a single click," he added. While visiting family in Australia last April, Mr Fuller secured a meeting with Square Peg co-founder Paul Bassat, and closed the funding round within weeks. "I've been impressed by many young entrepreneurs, but Liam combines technical sophistication with commercial instincts that are rare at any age," Mr Bassat said. "When someone demonstrates this level of execution and strategic thinking at seventeen, the growth trajectory becomes incredibly compelling," he added. The capital will be used to double engineering headcount, launch US pilot programmes this autumn and finance a Silicon Valley relocation later this year.
AU Financial Review
6 days ago
- Business
- AU Financial Review
A 17-year-old who sent Paul Bassat a cold email now has a $2m cheque
Paul Bassat's Square Peg Capital has invested in its youngest start-up founder, leading a funding round in Liam Fuller's artificial intelligence software firm Source, months after the Irish teenager went viral with a LinkedIn photo showing him taking a business call from a high-school toilet. Fuller was 17 when he met with Bassat and a string of other investors on a short holiday to Australia from Dublin in March, when his precocious entrepreneurialism won him a $US1.4 million ($2.1 million) cheque.
Fashion United
07-07-2025
- Business
- Fashion United
Diversifying buyers, shifting priorities: Source Fashion scales up to meet evolving sourcing demands
'We're still in toddler territory,' Source Fashion director, Suzanne Ellingham, jokingly said when asked about the event's milestones. Now in its third year, the trade fair is moving into the bigger venue of The Grand Hall in Olympia London. The move reflects the 30 percent year-on-year growth experienced since its inception in 2023. Despite this, Ellingham retains the view that the fair's expansion has been organic and intentionally slower than what it could have been. 'The goal was never to come onto the scene in year one as big as the likes of Magic,' Ellingham told FashionUnited. 'What we set out to achieve was creating a platform for responsible sourcing. There is a lot of talk about how consumers spend their money, but how often do we hold retailers and wholesalers who order large quantities to the same standard? What we wanted to do was create a platform whereby there was no reason for any retailer or buyer to not buy from a fundamentally good factory.' To ensure this, Source has, from the outset, vetted all of its exhibiting manufacturers to confirm they adhere to labour and quality standards, thus placing the 'right pillars of growth'. Ellingham acknowledges, however, that in the evolving landscape of responsible manufacturing, with new certifications and regulations always emerging, this is an ongoing journey for many. Other challenges Source addresses extend into the changing demands of buyers, meaning the fair is in a constant state of transformation. New app and emphasis on certifications aim to boost collaboration For its sixth edition, taking place July 8 to 10, Source is welcoming 250 'makers' and manufacturers from over 22 key sourcing regions. In contrast to its sister fair Pure London, which has now been absorbed by Autumn and Spring Fair, Source is only getting bigger – a possible reflection of a need for manufacturing-focused events. The shift to a larger venue was deemed 'symbolic' by Ellingham, who said visitors will be able to feel the growth of the fair. Source Fashion. Credits: Source Fashion. Such expansion has required adaptation on the organisational part. This season, certifications will be visibly displayed at the booths, to inform passersby of the manufacturer's achievements. An app has also been introduced, allowing audiences to connect and browse exhibitors. It underlines the importance of collaboration for Ellingham, who said that while Source had previously lacked tools to connect exhibitors and visitors, growth admittedly relies on such a feat. 'As we move into year three, it feels like the right time to invest in the kind of platform that enables those connections,' she noted. Much of this also comes down to educating manufacturers and partners in order to uphold the event's standards. In this regard, the 'reality is twofold', Ellingham said. 'Firstly, we want to have a show floor full of good manufacturers. Secondly, at a fundamentally high level, [a manufacturer's] aim is to boost their exports. What we're doing is giving them a blueprint for their factories to be seen as credible. We can tell them: 'If you want to do business with, for example, John Lewis, these are the minimum standards to get your foot in the door. They need to go through a vetting process, and if they don't have some of the desired qualities, the order goes up in smoke. For us, this is where we shifted from being a show that is setting these requirements to being a platform of advice on how to do business faster.' This has allowed Source to establish trust and strong relations with both factories and international government or export agencies, which have typically remained in place as partners since year one and continue to work towards given minimum standards. 'The reason we've grown is because all of our exhibitors have been able to work with our visitor base', who notably inform Source of the certifications and standards they are seeking in potential partners. Slow growth in representation of UK manufacturers, despite demand One of the biggest challenges faced by Source Fashion is balancing out the countries it represents. While China, India and Sri Lanka are among the regions well platformed, the event has put the work in to grow its exhibitor base from Africa, parts of Europe, South America and the UK. This comes with the intention of catering to a growing demand from visitors wanting to work with new regions, as more begin moving some of their product volume production away from China or India. Source Fashion. Credits: Source Fashion. Challenges particularly occur in finding more manufacturers from Europe and the UK, where, unlike in Asia, government-funded export programmes for manufacturers are less prominent. Many other regions have export agencies to support local businesses, however, this is lacking in the UK, so growth has been slower for this region at Source. Despite this, British visitors say they are actively seeking local or European manufacturers, according to surveys carried out by the fair, and with nearshoring steadily rising as a trend, demand only looks to be going upwards. Change also needs to be present on the side of retailers and businesses, however, many of whom are not yet equipped to source closer to home, a process that is more costly. 'In a world where volume drives buying and quantity means better discounts, it comes down to how they are building the business internally to allow that drop in margin to source closer to home,' Ellingham noted. 'Retailers and brands that want to nearshore are now looking at how that will impact their buying strategy, and what they can do in terms of volume or short runs. A large part of what we're doing at the moment is about helping those buyers understand the rationale for why nearshoring should be part of their strategy.' This ability to maintain a relationship fuelled by education and partnership with visitors is part of why Source has been able to maintain sustainable growth. Each season, the list of attendees has continued to expand, this edition selling out in its entirety, and is now made up of both major UK fashion retailers and brands, as well as more local boutiques. While these leading fashion players make up a large proportion of guests, Source has seen a shift in types of attendees, with non-fashion buyers increasingly taking advantage of the event. Non-fashion buyers slowly outnumber fashion-focused attendees In the realm of sports, the fair has welcomed everything from Premier League football clubs to pickle ball teams, each looking to buy a substantial amount of uniforms, and therefore representing lucrative business opportunities. 'What we've seen is the diversification of it,' Ellingham said. 'A lot more non-fashion buyers likely come to the show now than actual fashion brands. When we see the different profiles, I'm always curious as to why they register. I often find that it is a club with four teams that need around 500 to 600 hundred uniform pieces each year. They're not interested in the retail price, they just want a fair price. It's an easy repeat order, and I think that's where we've really won. It's not just about the big retailers, it's the evolving nature of who else needs to buy products.' Source Fashion. Credits: Source Fashion. These returning buyers, which also includes hotels, private schools and other establishments, run alongside a growing number of emerging designers and startups that are now considered regulars. Such groups benefit from Source's often extensive agenda of talks, presentations, debates and shows, which this year focus on the lack of viable change in the attempt to establish a more sustainable and responsible sourcing market. Ellingham notes that in the present day, businesses are faced with a challenging market, following significant impact from the past five years – from Covid to Brexit to tariffs. And so, Source's various panel talks and discussions will discuss just that, questioning why no significant movement is happening and what this could mean for the near future. 'Businesses are asking how they can justify long-term transformation when they don't know if they will still be around in three months time,' Ellingham stated. 'When you look at it through a very human lens, it becomes a question of building an entire agenda around talking about volatility and managing risk.' With the show set to open its doors, Ellingham is looking ahead to the new edition with a positive lens, however. In a statement, she commented: 'Source Fashion has always been about more than sourcing, it's about helping businesses make better decisions in a fast-changing world. As we prepare to open the doors to Olympia's Grand Hall, the momentum behind the show reflects a real shift in priorities across the industry. Buyers aren't just looking for a new piece or range, they're looking for trusted partners, smarter strategies, and more responsible ways to grow. This edition brings together audited manufacturers from around the world, a bold content programme, and a community committed to progress. Whether you're tackling new challenges or exploring fresh opportunities, Source Fashion is the place to find the people and ideas that can help move your business forward.'
Fibre2Fashion
17-06-2025
- Business
- Fibre2Fashion
Source Fashion's report reveals fashion's overproduction crisis
Source Fashion, the leading destination for responsible sourcing and fashion innovation, has launched a landmark report tackling one of the fashion industry's most pressing but least addressed issues: overproduction. Source Fashion's new report, Do We Really Need to Produce So Much?, reveals fashion's overproduction crisisâ€'80â€'150 billion garments made yearly, with up to 40 per cent unsold. It urges brands to adopt on-demand production, circular design, resale, and co-creation to cut waste and boost margins. The report calls for a shift to smarter, leaner, and more sustainable models. Titled 'Do We Really Need to Produce So Much?', the report—developed in collaboration with retail futures consultancy Insider Trends—offers a data-rich exploration of the scale, causes, and consequences of overproduction. It presents forward-thinking solutions for brands looking to remain competitive while reducing waste and environmental impact. The full report is now available for download at Source Fashion – Overproduction Report 2025. Overproduction: A Costly and Widespread Issue The report reveals that the global fashion industry produces between 80 and 150 billion garments annually—yet up to 40% remain unsold, frequently ending up in landfill, incineration, or markdown bins. Despite the environmental and financial toll, only 1% of fashion brands are actively working to reduce production volumes. A New Blueprint for Fashion Rather than simply highlighting the problem, the report presents actionable models already being piloted by leading brands and retailers: On-Demand Production – Producing only what is needed, when it's needed, to eliminate excess stock. – Producing only what is needed, when it's needed, to eliminate excess stock. Circular Design – Creating garments designed to be reused, repaired, or recycled, thereby extending their lifecycle. – Creating garments designed to be reused, repaired, or recycled, thereby extending their lifecycle. Retail-as-a-Service – Shifting from ownership to access models such as rental, resale, and subscription. – Shifting from ownership to access models such as rental, resale, and subscription. Collaborative Creation – Co-designing with consumers to ensure relevancy and reduce waste. As the report states, 'Brands can reduce production without reducing profit. In fact, in many cases, it increases margins and strengthens consumer trust.' The publication includes case studies from brands already implementing these approaches, demonstrating commercial viability alongside sustainability gains. A Turning Point for Retail The report arrives at a pivotal moment for fashion, as the industry faces shifting consumer expectations, economic uncertainty, and growing pressure from both regulators and investors. Suzanne Ellingham, Sourcing Director at Source said, 'This report highlights the uncomfortable truth behind retails success — that excess production is built into the model with volume is the only way to increase profits. As we approach 2025, companies must question not only how they produce, but how much, and how they deal with . There are real over production and excess. Opportunities for those willing to embrace a leaner, smarter, more circular future.' Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
