Thread secures £4m in funding
Thread, the London-based online menswear styling company, has secured £4m in funding from venture and growth capital investor Beringea.
Thread launched in 2012, and last year it received $8m in funding in a funding round led by Balderton. Beringea now joins Balderton and a number of design, technology and fashion investors, including Andrew Jennings (former president of Saks 5th Avenue), Edgar Bronfman Jr. (former owner of Warner Music), Guy Hipwell (former head of online at Harrods and Liberty) and Shakil Kahn (founding investor in Spotify).
Thread will use the £4m funding to continue its growth in the UK market, where it has an existing user base of 325,000 men. It will also expand its current team of 30 based in East London.
Kieran O’Neill, co-founder and CEO of Thread, says: “It’s been a really exciting journey discovering how to fuse human stylists with powerful algorithms to help guys dress well without having to go shopping. 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.”
Karen McCormick of Beringea, says: “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.”
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