EDITD, the retail monitoring and data analysis platform, has secured $1.6m in a seed funding round led by capital venture firm Index Ventures.
Founded in 2009 by Geoff Watts and Julia Fowler, EDITD provides real-time analysis for the fashion industries. Its clients are retailers and fashion brands in the UK, USA, South Africa, Europe and South America.
The funding from Index Ventures, the investor behind online retailers Net-a-Porter, Etsy and Asos, will be used to extend the product line, increase the amount of data being analysed, enter new markets and expand the team globally, according to EDITD.
As part of the deal Robin Klein of Index Ventures will join the board as chairman.
Klein said: “EDITD’s approach to fashion forecasting is unique; they have a real-time view of the fashion retail market alongside a comprehensive fashion information service.”
The data platform scans blog posts, Twitter and Facebook, among other sites, to determine what the next big thing will be in the fashion world. Brands can then use this information to place orders, determine pricing, move stock and better manage the overall inventory.
Klein added: “By analysing large amounts of data, much of it directly, from e-tailers and comments in social media, they can provide unique insights that save their clients large sums and increase their sales by directing their strategy around items which are most wanted.”
Commenting on the deal, Watts said: “With Index Ventures, we have one of the most successful investors from the intersection of tech and fashion joining us. Their expertise, and that of the further group of investors, means we are well equipped to replace the crystal ball that tortures the fashion business with a strong product they can rely on.”
Other contributors to the financing round included Alex Zubillaga, Atlas Venture, High Line Venture Partners, Sylvie Gabriel and Joanne Wilson.