London 11 February, 2014 – EDITD, the world leader in real-time market data and analytics for the fashion and apparel industry, announced today it has raised $4.4M from Index Ventures and new investor Frog Capital. Other existing investors also participated in the round.
EDITD is used daily by the world’s most successful and fastest growing retailers and brands, including ASOS, Gap, Gilt Groupe, Missguided, Target, Motel and many more across five continents. Using EDITD, these fashion-focused companies are improving their understanding of customers and competitors. This takes out the guesswork in setting price architecture, product assortment and positioning, thereby maximizing margins and sales opportunities.
The company will use the funds to drive further hiring of key strategic positions in its London, Melbourne and recently opened New York offices. EDITD’s global expansion follows rapid demand from many of America’s most recognized fashion retail brands.
EDITD CEO, Geoff Watts said, “What we’ve created at EDITD has changed a whole industry, and with this new financing, we will accelerate our growth further. We’ll keep building our products, our infrastructure and our capabilities, so our customers can keep beating the market and achieve stellar results. I’m proud of our fantastic team and the vision we’ve all set out for the future, and this financing stands in support of their incredible work.”
EDITD solves a major problem for fashion retailers, brands and suppliers, who have traditionally forecasted which garments to stock based mainly on instinct. With half of all garments being sold at discount (US retail market, Bain & Co), investing in the wrong products or quantities can destroy profitability for businesses of any size.
Buyers and merchandisers rely on EDITD software every day to measure results, optimize pricing and reduce mistakes. As part of their product performance statistics, EDITD:
- analyses more than 50M product SKUs (stock keeping units) in retail;
- tracks more than 4 thousand global retailers’ webpages and provides day-to-day updates about all of their communications and visual outcomes; and
- provides a searchable database of more than 2,000 blogs and 600 million opinions tracked from industry influencers across social media.
EDITD’s proprietary technology translates these mountains of data into actionable insights.
“EDITD’s approach to retail analytics is unique; they have a real-time view of the apparel market. By analysing large amounts of data, much of it directly, from e-tailers and comments in social media, they can provide unequalled insights that save their clients large sums and increase their sales by directing their product and pricing strategy around items which are most wanted,” said Robin Klein, partner at Index Ventures.
Commenting on the deal, Joe Krancki, from Frog Capital, said, “There is no other company like EDITD, and the recognition they’ve received from the likes of WSJ, Bloomberg, and Forbes as the next big thing in retail technology is well-earned. The market for data-driven insights in retail has enormous growth potential, as fierce competition drives retailers to seek sophisticated technology partners to help them navigate an increasingly complex environment. Frog are delighted to join Index in backing the EDITD team as they redefine how leading fashion and apparel retailers manage their business.”
EDITD’s unrivalled industry expertise is illustrated in their latest infographic (link).
For more information about EDITD, visit www.editd.com