Thread secures £4m Series B round ‘to help men dress well’
Online personal styling service has got backing from Beringea and existing investor Balderton Capital as it looks to grow customer base
East London e-commerce start-up Thread has raised £4m funding in a round led by Beringea and existing investor Balderton Capital, alongside a group of angel investors including Andrew Jennings; former president of Saks 5th Avenue, and Shakil Khan; founder investor in Spotify.
This latest investment follows an $8m round back in August of last year which coincided with the company’s appointment of former Mr Porter executive Terry Betts.
Founded in 2012 by Kieran O’Neill, Ben Phillips, and Ben Kucsan with backing from American accelerator Y Combinator, Thread’s platform intends to “help men dress well without having to go shopping” by connecting them with personal stylists.
Users can submit what they’re looking for via a questionnaire, or upload photos of items they already own, and then Thread will make recommendations of outfits that would suit that particular individual.
The fashion technology (fashtech) start-up intends to use the funding to expand in the UK and to grow both its customer base and team of 30 staff.
O’Neill commented: “The business has been growing quickly, and we’re excited to have the support from Beringea, Balderton and others to allow us to further that. I started this business because I had this problem myself, and it’s exciting to see thousands of other men get the same value from Thread that I do.”
Beringea’s Karen McCormick added:
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“We have been really impressed with the level of consumer engagement and commercial traction Thread has established in a short period of time, demonstrating strong demand amongst men for their stylist curated shopping experience. […] We are very excited about being part of the journey, and believe the business will quickly become a substantial player in online menswear.”