London-based EDITD has raised $4.4 million (£2.7 million) of new growth capital to fund the hiring of ‘key strategic positions’ in three of its global offices.
Having been set up in 2009 and won investment and mentoring business accelerator Seedcamp in 2010, EDITD has now secured the likes of ASOS, Gap and Target as customers of its software offering.
Retailers are able to use EDITD’s apparel data warehouse to track the market and align product assortment.
Index Ventures led a $1.6 million seed investment back in 2011, and returns as a backer alongside technology investor Frog Capital.
Geoff Watts, CEO of EDITD, comments, ‘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.’
According to company statistics, EDITD tracks in excess of 4,000 global retailers’ web pages and provides a searchable database of some 2,000 blogs and 600 million opinions on social media.
Robin Klein, partner at Index Ventures and chairman at EDITD, says that the technology start-up’s offering is unique.
‘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,’ Klein adds.
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New hires for EDITD will be made for its London, Melbourne and New York offices in response to growing demand from the US.
Joe Krancki, principal at Frog Capital, cites the recognition of EDITD by Bloomberg and Forbes as evidence of the company’s success.
‘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,’ Krancki says.