Thread raises £4m

Thread raises £4m

Thread founders and serial entrepreneurs Kieran O’Neill, Ben Phillips and Ben Kucsan are celebrating after their fashion tech start-up completed a £4m funding round.

Thread is a free online personal styling service for men, which uses a unique combination of human stylists and powerful algorithms to make it easy for men to dress well.

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.

Founded in 2012, the company was launched with US$25,000 from renowned America accelerator programme Y Combinator.

Four years on, Thread has now completed a £4m funding round which sees venture and growth capital investor Beringea join existing investors Balderton Capital and a number of angel investors.

The funding round follows the previous series A round led by Balderton with a number of angel investors which was announced in August 2015.

Kieran O’Neill, co-founder and CEO of Thread said: “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.

“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.”

Beringea joins Balderton and a list of high net worth investors from across the junction of design, technology and fashion, 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) 
  • Shakil Kahn (founding investor in Spotify)
    • This latest funding will help Thread to continue to scale rapidly within the UK market, growing its existing user base of 325,000 men and expanding its current team of 30 based in East London.