Thread raises 5 million pounds in funding

Online personal stylist and shopping tip service Thread, has just raised 5 million pounds in a funding round led by venture capital firm Balderton Capital. "Thread’s commitment to innovating the digital user experience is exactly why we at Balderton chose to back them," explained the capital firm in a statement on its newest investment.

The London-based company is already backed by a number of high profile investors, including Miriam Lahage, chief merchant at Navabi and a former global head of fashion at eBay; Errol Damelin, founder of British consumer finance firm Wonga, and Shakil Khan, a founding investor in Spotify.

Founded in 2012 by Kieran O'Neill, Ben Phillips and Ben Kucsan, the fashion service has over 200,000 registered users to date. Thread work with a number of retailers and brands, including Liberty, Harvey Nichols and Urban Outfitters to offer a wide range of suggestions for its customers based on their selective and individual tastes.

"Thread stands alone as their unique solution understands and serves an often-forgotten customer base: the male clothes shopper," added Balderton. "Their product shines through by combining smart technology with styling expertise, and applying this across a vast range of products and prices points that make Thread accessible to the average guy on the street."