New Look founder Tom Singh has joined a group of high-profile investors to back womenswear start-up Dai in its first ever investment round.
Launched in July 2017, Dai sells direct to consumer online, and through its London showroom and pop-up stores.
The London-based brand focuses on comfortable tailored clothing for professional women. Retail prices range from £95 for a top to £395 for a blazer.
The investment round, led by venture capital company Redrice Ventures, finished last week with an undisclosed sum.
As well as Singh, investors included Jonathan Heilbron, former CEO of Thomas Pink; Arnaud Massenet, founding partner of Net-a-Porter; and Sarah Elton, former CEO of Smythson.
Robert Senior, partner at Redrice and former CEO of Saatchi & Saatchi, is joining Dai’s advisory team. Heilbron will also join the board.
The funding will allow Dai to grow across its product development and operational infrastructure, hire talent, and expand its international presence.
Joanna Dai, founder and CEO, said: “As a former investment banker with first-hand experience of the pain points and gaps in the market for women’s workwear, I had a clear brand mission for Dai, which was quickly validated by the amazing response we received from our community.
“Having self-funded thus far, it was a big decision to raise external funds and select the right investors for us.”
Dai added: “We’re an online-born, direct-to-consumer brand, so we control our ecommerce channel which ships internationally. We have our London showroom by Aldgate East, which is open for customer styling appointments.
“We just did our first-ever pop up in New York last week and will continue to feature pop-up experience stores based on customer demand. The next one will be in London. Our pricing reflects premium European craftsmanship without a middle-man markup and therefore value for quality for our customers.”