London, UK-based fashion tech startup Thread raised £4m in venture capital funding.
Backers included Beringea Balderton Capital and a number of angel 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).
The company intends to use the funds to continue to scale within the UK market, growing its existing user base of 325,000 men and expanding its current team of 30 based in East London.
Founded in 2012 by Kieran O’Neill, Ben Phillips and Ben Kucsan and accelerated with $25k from Y Combinator, Thread is a free online personal styling service for men, which uses a combination of human stylists and algorithms. On signing up, users fill in questionnaires and upload photos of themselves, which help the stylist and algorithm sort through millions of items to create the best outfits for that particular individual.