Investment will speed up Editd's expansion plansEditd has set it sights on global expansion due to the increasing demand for its services from a number of American fashion labels. Global fashion retailers such as Gap, Missguided, Motel, Asos and Target use Editd's software to improve their understanding of customers shopping habits and rivals.
Geoff Watts, CEO and co-founder of Editd alongside with former designer Julia Fowler, commented: "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," added Watts. "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."
The software Editd provides real-time analysis for over 50 million garments in retail, tracks over 4,000 global retailers websites and searches over 2,000 blogs and 600 million opinions from industry trend setters across a number of social media network sites. After all the data has been collected and analyzed, it is translated to easy to read charts and graphs.
"Editd's approach to retail analytics is unique; they have a real-time view of the apparel market. By analyzing large amounts of data, much of it directly, from e-tailers and comments in social media, they can provide unequaled 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.
Joe Krancki, from Frog Capital commented: "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 growing success, comes swiftly after the ongoing advancement of online luxury fashion retailers Net-a-Porter and Farfetch, and has "fueled talk of it as the next big fashion tech business to come out of London," according to the Financial Times.
Infographic: How global apparel professionals capitalize on Editd's data