Balderton leads $8m investment in Thread.
Thread, the fashion technology company, that uses online stylists and “machine learning” to style male shoppers has secured $8m of funding, led by Balderton Capital.
Founded in 2012 by serial entrepreneur Kieran O’Neill, along with Ben Phillips and Ben Kucsan, Thread works with retailers such as Harvey Nichols, Liberty and Urban Outfitters to offer bespoke styling suggestions based on shoppers’ personal taste.
The business recently recruited Terry Betts, former menswear director Selfridges, to head up business development. Prior to that Betts held senior buying positions at Mr Porter and Harvey Nichols.
Balderton is one of the most active investors in fashion technology businesses. It has invested in many successful businesses including Yoox, Lyst and Vestiare Collective.
“Thread stands alone as their unique solution understands and serves an often-forgotten customer base: the male clothes shopper. Their product shines through by combining smart technology with styling expertise, and applying this across a vast range of products and prices points that make Thread accessible to the average guy on the street,” said Balderton in a statement.
“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,” Balderton added.
Thread already has a number of high profile investors including Wonga founder Errol Damelin and William Birch and Michael Reeve of Bebo, both of which are also part of the Balderton portfolio.
For more, read the write-up in yesterday’s Sunday Times.