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Online styling service Thread raises $8m for growth

London-based personal stylist website Thread has raised $8m (£5.1m) in funding from investors spanning the fashion and technology industries.

The funding has been led by private equity firm Balderton Capital, which has previosly invested in Yoox. Other investors include: Demis Hassabis and Mustafa Suleyman, co-founders of Google-owned tech startup DeepMind; Andrew Jennings, former president of Saks Fifth Avenue; Sebastian Picardo, chief retail officer at Lane Crawford and Maurice Helfgott, former board director at Marks & Spencer.

The funds will be used to grow Thread’s customer base, which now stands at more than 200,000 men in the UK.

Thread co-founder and chief executive Kieran O’Neill said: “This investment round, featuring some of the most influential players in technology and fashion, will be crucial in helping us to develop the experience further and deliver it to more men across the UK and the world.”

Terry Betts, former Selfridges menswear buying boss and head of business development at Thread, added: “I joined Thread as I believe it represents the next generation of retail services, which will put the customer at the heart of the experience. Thread’s aim is to simplify the complex world of fashion and make it easy for men to look great. Most men want to dress well but haven’t historically found it easy or enjoyed the process – I believe Thread will change that.”

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