Retail tech venture Edited closes major funding round
London-based retail data company Edited has raised just over £23 million in a funding round headed up by Beringea and Wavecrest Growth Partners. Hermes GPE also took part.
Founded in 2009, Edited, whose customers include Boohoo, Zara and Chloé, allows users to track the popularity and prices of clothes and beauty products. It will invest the cash in tech and hiring more people in the UK and the US where it has an office in New York.
“During these uncertain times, retailers and brands need real-time data more than ever. We believe Edited provides an essential data and business intelligence platform to enable customers to make the most profitable design, pricing, product, and supply chain decisions,” says Deepak Sindwani, Managing Partner at Wavecrest Growth Partners.
“It is well-positioned to accelerate its US market presence and to expand its market-leading product line, and we look forward to helping them to achieve this.”
“Everything in retail has changed; there's no back to school, no end of season sale; there might not even be summer vacations this year - so now all the rules have changed, and suddenly,” Geoff Watts, Co-founder and CEO, Edited says in a LinkedIn post.
“Data is central to the path retailers need to tread to navigate all of this, and now our team have the dry powder to do so. Julia (Fowler, Co-founder) and I are incredibly fortunate to have such a strong and capable team, and the whole team are excited about the future, even in this climate, because this truly is day one of retail.”