Thread, the innovative menswear personalized styling service, has secured a substantial $22 million in its latest funding round, propelling the total investment in the company to an impressive $40 million. This Series B funding round saw contributions from reputable investors such as Balderton Capital, Beringea, Forward Partners, and H&M CO:LAB, the investment arm of the fashion giant H&M.
Co-founded by Kieran O’Neill, Ben Kucsan, and Ben Phillips, Thread aims to redefine the shopping experience for men worldwide. Operating as an e-tail and styling app, Thread offers tailored style recommendations based on each customer’s unique preferences, budget, and size. Through partnerships with over 50 renowned brands like Barbour, Hugo Boss, and Levi’s, the platform curates a personalized selection of clothing and accessories that resonate with individual styles.
With the new injection of funds, Thread is set to ramp up its brand expansion efforts, enhance its technical capabilities and AI technology, and bolster its product teams. While the company harbors ambitions of global expansion, a specific timeline for this endeavor has yet to be determined.
Notably, Thread is taking a novel approach to fundraising by offering customers the opportunity to invest in the company through Crowdcube later this year. This innovative initiative empowers everyday investors to have a stake in Thread’s future, aligning their interests with those of seasoned professionals.
CEO Kieran O’Neill underscored the company’s commitment to customer satisfaction, remarking, “More than ever, guys care about dressing well…We have always built the service in collaboration with our customers, resulting in a loyal, engaged customer base. We’re excited to give them the opportunity to invest in the business and share in our success.”
Thread’s cutting-edge AI technology continuously refines its style recommendations, providing increasingly personalized suggestions with each interaction. By simplifying the shopping process and eliminating decision fatigue, Thread caters to men seeking both convenience and style.
Looking ahead, Thread plans to cement its presence in the market and boost brand awareness through upcoming marketing initiatives, including its inaugural outdoor advertising campaign on the London underground. The company aspires to become synonymous with personalized men’s fashion, striving to be a household name for fashion-forward individuals.
In addition to its recent funding success, Thread has garnered support from influential investors like DeepMind co-founders Demis Hassabis and Mustafa Suleyman, Y Combinator, and former Saks Fifth Avenue President Andrew Jennings. With a robust investor base and a clear growth trajectory, Thread is well-poised to make significant strides in the realm of men’s fashion.
Sources:
1. https://www.thread.com/
2. https://www.crowdcube.com/
