Investment in Thread by Beringea

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Investment in Thread by Beringea 2017-06-06T10:54:33+00:00

Project Description

HMT advises on Beringea’s investment in Thread

thread-beringeaHMT, led by Partner Andrew Thomson undertook due diligence for Beringea LLP (“Beringea”) on their investment in UK men personal styling service provider Thread Ltd (“Thread”).

Founded in 2012 by entrepreneurs Kieran O’Neill, Ben Phillips and Ben Kucsan, Thread is a free online personal styling service, offering tailored advice to men on how to dress. Thanks to their unique combination of personal stylists and algorithms, Thread is able to sort millions of items to create the best outfits for each one of their clients, who then can buy them through the website.

In August 2015, Thread had already received $8 million investment from Balderton Capital and a number of angel investors. Beringea joins the existing investors on this £4 million funding round.

The UK-based company has over 325,000 clients and the investment will be used to continue the business’ growth and expand their team in London.

Karen McCormick, Investment Director at Beringea commented

“We have been really impressed with the level of consumer engagement and commercial traction Thread has established in a short period of time, demonstrating strong demand amongst men for their stylist curated shopping experience. Kieran is a well-known serial entrepreneur, and he has attracted the highest calibre team to Thread. We are very excited about being part of the journey, and believe the business will quickly become a substantial player in online menswear. We have a longstanding relationship with HMT and want to thank the team for their work and helping us to get the deal over the line.”

Andrew Thomson commented,

“We are delighted to have advised Beringea on their strategic investment in Thread. With Beringea’s support, Thread will be able to continue their expansion and growth and we look forward to working with them again in the future.”

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