Metail secures £10m investment from Hong Kong backer
Fashion technology start-up Metail has secured a £10m investment from a Hong Kong apparel manufacturer.
Metail, which was started in 2008 by entrepreneur Tom Adeyoola, enables shoppers to "try on" fashion online by creating a bespoke 3D model of themselves, or Memodel.
The technology is embedded into online retailers' websites who pay an upfront fee for the service as well as a commission on sales enabled by it.
According to The Sunday Times, TAL Apparel, one of its existing investors, has injected a further £10m into the business taking the total amount of investment raised by the firm to £22.5m. As a result Adeyoola no longer holds a majority stake in the business.
Adeyoola says the business, which has a global customer base including brands such as House of Holland in the UK and Princess Polly in Australia, will now look to branch into menswear.
Earlier this year it signed a partnership agreement with Benit, the technology arm of South Korea’s fourth largest conglomerate Kolon, in order to expand its business in Asia.
