Robin Klein, venture partner at Index and founder of seed investment company The Accelerator Group, will join the board as chairman.
The funding, which was also provided by Atlas Venture, High Line Venture Partners, Alex Zubillaga, Sylvie Gabriel and Joanne Wilson, will be used to extend EDITD’s existing product line, increase the amount of data being analysed and expand the team globally.
Index has made investments in online fashion retailers ASOS and Net-a-Porter.
EDITD co-founder and chief executive Geoff Watts says, ‘With Index Ventures, we have one of the most successful investors from the intersection of tech and fashion joining us.’
London-based EDITD mines and organises online information to determine trends in fashion.
Klein explains, ‘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.
‘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.’
EDITD was established in 2009 and went onto win Seedcamp the following year.
Seedcamp is an early-stage micro seed investment and mentoring programme that partners technology entrepreneurs and developers with its network of advisers.