A Suit That Fits doubles crowdfunding investment

Online tailor A Suit That Fits has raised more than 1 million pounds through crowdfunding site Crowdcube, doubling its 500,000 pounds target.

The London-based business, which believes the bespoke tailoring experience should be available to all, has raised 1,005,800 pounds through Crowdcube in exchange for around 9 percent equity, which it plans to use to recruit and train a network of freelance suit fitters.

The tailor started its crowdfunding campaign in June, and then in August after attracting more than 200 investors the company, including one investor placing 100,000 pounds into the pot to take them over their 500,000 pounds target, they extended for another eight days.

When the campaign was extended, A Suit That Fits co-founder, David Hathiramani said: “We are now one step closer to delivering our mission of ‘bespoke for all,’ but it doesn’t stop here. We have plans of accelerating our growth and the more money we can overfund by now, the faster we can deliver our plan and your return on investment.”

The investment will now be used to fund its international growth plans, which includes a factory in Nepal to push forward with its expansion plans, as well as recruit and train self-employed fitters through a franchise model, and to give the brand an extensive refresh.