London-based fashion startup Thread has exceeded its £500,000 crowdfunding target, and is now overfunding on Crowdcube.
The business wants to build a new way of shopping by combining artificial intelligent and a team of expert stylists to recommend the perfect clothes for men and women based on their style, size and budget.
After announcing £22 million in funding led by H&M Group, Balderton Capital and Beringea earlier this month, Thread launched a crowdfunding campaign on Monday and hit its £500,000 target within an hour.
The campaign has now raised £1.11 million from over 1,450 investors, and is understood to be one of the fastest to reach a million on the crowdfunding site.
Initially focused on menswear, Thread has now expanded its services to include women’s clothing and boasts of over 500 partner brands, including Burberry, Paul Smith, Hugo Boss, Ted Baker, Levis, River Island, and M&S.
Gross sales have grown from £2.4 million in 2015 to over £14 million in the year to Sept 18, resulting in £7.69 million revenue. More than 1 million customers have signed up to the service in the UK.
The business said the latest round of funding will be used to improve its logistics, make the algorithm better and continue to build Thread into a household brand. It has also previously expressed interest in expanding internationally, although there is not timeline for this yet.