EDITD raises £2.7m Index-led growth capital
Young Gun-founded fashion analytics business will fund further hires across international offices
Leading fashion analytics start-up EDITD announced today it has raised $4.4m (£2.7m) from a group of investors, led by Index Ventures and new backer Frog Capital.
Founded in 2009 by Class of 2012 Young Guns Geoff Watts and Julia Fowler, EDITD claims to help fashion brands and retailers track the market and respond appropriately by monitoring data and trends across the web and presenting it on an online ‘dashboard’.
EDITD says its technology monitors stock in more than 1.6 million warehouses globally every day, alongside tracking more than 2000 blogs and 500 brands.
It says it solves a ‘major problem’ for fashion retailers, brands and suppliers, which it says have traditionally forecasted which items to stock based mainly on instinct.
Shortly after foundation, the business won leading tech-focused accelerator Seedcamp in 2010 and went on to secure $1.6m investment led by Index Ventures in 2011.
The company now has a client list spanning countries across five continents, with household-name brands ASOS, Gap and Target amongst EDITD’s customers.
The £2.6m investment was led by tech-focused venture capital firm Index Ventures and new investor Frog Capital, alongside input from existing investors.
It will be used to fund new hires in ‘key strategic positions’ in the company’s London, Melbourne and recently-opened New York offices.
Geoff Watts, co-founder and CEO of EDITD, commented: “What we’ve created at EDITD has changed a whole industry, and with this new financing, we will accelerate our growth further.
“We’ll keep building our products, our infrastructure and our capabilities, so our customers can keep beating the market and achieve stellar results.”
Robin Klein, partner at Index Ventures and chairman at EDITD, added: “EDITD’s approach to retail analytics is unique; they have a real-time view of the apparel market.
“By analysing large amounts of data, much of it directly, from e-tailers and comments in social media, they can provide unequalled insights that save their clients large sums and increase their sales by directing their product and pricing strategy around items which are most wanted.”