VC firms in $22m series-B for Thread

Oscar Geen
16 October 2018

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A group of VC firms has taken part in a $22m series-B funding round for London-based online fashion retailer Thread.

Balderton Capital, Beringea and Forward Partners all committed capital to the round and were joined by H&M Group's H&M CO:LAB.

Thread is also planning to raise additional capital through crowdfunding platform Crowdcude in November 2018.

The business said it has added 50 new brands to its service in the last 12 months, including Barbour, Hugo Boss and Levi's.

It recently announced the appointments of David Scott (previously operations director at Deliveroo), Rachel Sheridan (previously chief product officer and trading director at WorldStores), and Tim Grimsditch (previously VP marketing at Kano Computing and marketing director at Spotify).

Previous funding
Passion Capital invested in Thread's seed round in 2013 before Balderton led an $8m series-A for the business in August 2015 alongside a number of business angels.

Balderton was joined by Beringea to inject an additional £4m into the business prior to the series-B in June 2016.

Company
Established in 2012, London-based Thread is an online stylist service targeting male clothes shoppers. The company, which employs 100 people, combines algorithms and input from a team of stylists to provide tailored advice to users. Thread has undertaken various partnerships with retailers including Liberty, Urban Outfitters, Sunspel and Hardy Amies, among others.

People
Beringea – Karen McCormick (partner, chief investment officer); Rob Dagger (investment analyst).
Balderton Capital – Daniel Waterhouse (partner).
Thread – Kieran O'Neill (CEO); Ben Phillips (CTO); Ben Kucsan (creative director).