London - Thread, the London-based online personal styling and shopping service for men, has raised 4 million pounds in a Series B funding round led by venture and growth investor Beringea and existing investor Balderton Capital, to help boost its customer base.
The latest investment round see the total funds raised by Threads hit close to 11 million pounds, following on from a successful funding round last August. Founded in 2012 by Kieran O'Neill, Ben Phillips and Ben Kuscab, with backing from US accelerator Y Combinator, Thread aims to "help men dress well without having to go shopping" by linking them to personal stylist. The service uses a combination of an algorithm and personal stylist to make the best outfit recommendations for a customer, based on their style preferences.
Thread aims to use the 4 million pounds in funding to continue growing its current customer base of 325,000 men in the UK and expand its team of 30 in East London. "It’s been a really exciting journey discovering how to fuse human stylists with powerful algorithms to help guys dress well without having to go shopping," commented Kieran O’Neill, co-founder and CEO of Thread in a statement. "The business has been growing quickly, and we’re excited to have the support from Beringea, Balderton and others to allow us to further that. I started this business because I had this problem myself, and it’s exciting to see thousands of other men get the same value from Thread that I do."