Fast fashion startup Thread will today close its series B funding round at $22m (£16.7m).
The round was includes backing from Balderton Capital, Beringea and H&M’s investment arm H&M Co:Lab.
The round will also be complemented by a crowdfunding raise on Crowdcube later this year, providing everyday investors access to shares in Thread on the same terms.
Originally born out of Silicon Valley’s premier startup accelerator Y Combinator, the menswear styling and e-commerce app uses a combination of artificial intelligence and a team of stylists to provide personalised style recommendations from over 50 brands, such as Levis, Hugo Boss and Barbour.
Chief executive and co-founder Kieran O’Neill said that the funding will primarily be used to expand its 100-strong team of engineers, data scientists and product staff in London, with the goal of making Thread a household brand.
While there are plans to take the business international eventually in light of the success achieved by others in the industry such as Farfetch and Asos, O’Neill said there is “no concrete timeline” yet.
“London has very much become a global home of fashion tech,” he added. “Those business are all global companies [based] in London, and that’s our plan as well.”
The brand is also launching its first outdoor campaign this month, with advertisements set to be spread across Tube billboards.
