Thread kicks off public crowdfunding campaign
Personalised menswear styling and e-commerce service, Thread, has announced the public launch of its equity crowdfunding campaign as part of its recent Series B funding round.
During the campaign’s private phase, Thread reached its £500,000 target in less than one hour and has now raised over £1 million as the campaign opens to the public on Crowdcube.
Its $22 million Series B funding round came from Balderton Capital, Beringea, Forward Partners, and H&M group’s investment arm H&M CO:LAB, with participation from retail investor Maurice Helfgott, and former Lane Crawford deputy president Sebastian Picardo. This round brings total investment in the venture to over $40 million.
Thread plans to use the new financing to accelerate the growth of the business, improve customer experience and grow its data-driven private label brands.
Kieran O’Neill, CEO and Co-founder, comments: “The ability for our customers to share in the success of Thread is something that is really important to me, and crowdfunding is a great way for us to democratise our funding round by opening up the opportunity to everyone. We’re really excited to have hit our target already and grateful to everyone who has decided to invest in Thread so far.”
“Since the beginning of Thread we have always built the service in collaboration with our customers. We're obsessive about understanding their needs, and have worked closely with customers to craft the experience. We feel lucky that this has resulted in a very loyal, engaged customer base. We’re excited to now give them the opportunity invest in the business on the same terms as our professional investors.”
