In May 2016 Thread.com raised £4m from Balderton Capital and Beringea. The company has raised £10.67m in total since 2013.
Thread Online Ltd (owned 100% by Thread Inc) was incorporated in the UK in 2012 and is a styling advice ecommerce retailer targeting men and women. At the moment the service is only live in the UK. Style advice is based on algorithm output based on some 10-20 questions that you need to answer before opening an account. Some of the questions include which brands you like, what you normally pay for a list of 10+ different garments, your measurements and selections of style photographs that you like. You are also encouraged, but do not have to, to upload photos of yourself to the site.
We presume some of the appetite for investing in the company comes from the success of TrunkClub.com which was sold to Nordstrom Inc in a $350m deal having received just under $12.5m of funding offering an approximate 28x-multiple.
Possible exits would be to the main UK department stores. Debenhams are in need of some clever services to boost their online sales and recently announced that Mr Bucher of Amazon Europe will be taking over as CEO in Q4-16.
Thread Online Ltd does has posted abbreviated accounts in the UK meaning they either have total assets of less than £3.25m or revenues of less than £6.5m.
Retained earnings look as follows indicating the company is still loss making. We presume the company might have to go to market for more cash in 2017 to fund its burn rate.
Thread Online Ltd retained earnings:
2013 -£0.797m
2014: -£2.908m
2015:-£5.542m
Source: Company Accounts
Update Oct 18, 2016: H&M have a minority share in the company.