Personal styling service Threads.com bags $8m Series A
Balderton Capital investment coincides with London fashtech start-up's appointment of former Mr Porter executive Terry Betts
Thread.com, a London fashion technology (fashtech) start-up, has secured $8m in a Series A round led by venture capital firm Balderton Capital.
High-profile names from the fashion and tech industries also participated in the round including former Saks Fifth Avenue president Andrew Jennings, M&S former board director Maurice Helfgott, and Mustafa Suleyman and Demis Hassabis; the co-founders of Deep Mind Technologies-the artificial intelligence company acquired by Google for £242m.
Thread.com offers an online personal styling service to men, and more recently women, and has partnered with a number of major fashion brands and retailers including Harvey Nichols, Urban Outfitters, Oliver Spencer and Jigsaw.
It intends to use the funding to grow its customer base, which currently stands at over 200,000 users in the UK, and to establish new retail partnerships.
Kieran O’Neill, co-founder and CEO of Thread.com, said of the funding: “This investment round, featuring some of the most influential players in technology and fashion, will be crucial in helping us to develop the experience further and deliver it to more men across the UK and the world.”
Balderton Capital partner, Daniel Waterhouse, added:
“The enormous success of online fashion retail sites such as ASOS highlight the retail world’s steady shift from bricks and mortar to online and demonstrates that consumer appetite for this kind of shopping model is alive and well. Thread’s commitment to innovating the digital user experience is exactly why we at Balderton chose to back them.”
The news coincides with the company’s appointment of Terry Betts, part of the founding team of Mr Porter and a former Selfridges executive, as head of development. Betts commented:
“I joined Thread as I believe it represents the next generation of retail services, which will put the customer at the heart of the experience.”