London-based Trouva, the platform for independent boutiques and brands, has been acquired by Fy!, the AI-enabled marketplace for home and living.

The acquisition doubles Fy!'s business size and is part of its wider strategy to leverage artificial intelligence to offer unparalleled marketplace experiences for sellers and buyers alike.

Trouva, founded in 2015 and acquired by Cambridge-based start-up Re:store in January 2023 after its former owner Made.com collapsed, helps customers find fashion, homeware and lifestyle products from independent retailers.

The platform, which has more than 600 independent boutiques across the UK and EU, will continue to operate as a separate brand while benefiting from Fy!'s AI and marketplace expertise.

Fy! said in a statement that Trouva will particularly benefit from its enhanced AI-enabled search and discovery tools, which it states have significantly improved customer engagement and increased revenue.

Tom Beverley, chief executive and co-founder of Fy!, said: "The coming together of Fy! and Trouva represents an exciting new chapter for both companies.

“Trouva’s strong brand, unique community of independent boutiques and product curation provide a compelling destination for customers. We look forward to working with the Trouva team to leverage Fy!’s AI-enabled search and discovery to benefit Trouva boutiques and customers.”

Fy! acquires Trouva, doubling the size of its business

Trouva 'For The Independents' campaign Credits: Trouva

Fy! was launched in 2017 and partners with more than 20,000 brands and artists to sell their home and living products. It leverages AI to address complex marketplace challenges at scale, from advanced product tagging to intuitive natural language search and enhanced discovery.

Its conversational, AI-enhanced search, inspired by platforms like ChatGPT, provides a more natural and contextually aware search experience. Launched last October, this technology has already led to a 45 percent increase in revenue per searcher.

In addition, Fy! adds that its AI-powered recommendations have nearly doubled interactions with related product grids, significantly boosting customer engagement and satisfaction while its AI-driven product tagging system allows for the rapid and accurate tagging of millions of products.

Hussein Kanji, founding partner of Hoxton Ventures, added: "The acquisition of Trouva by Fy! significantly expands its business and capitalises on its status as a frontrunner in AI-enhanced marketplace experiences. This reinforces our belief in Fy!'s growth trajectory and its commitment to innovation in building AI-powered consumer marketplaces."