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London-based retail data firm Edited raises $29m to expand

A London-based retail data company that counts fashion firms Boohoo, Zara and Chloé as customers, on Wednesday said it has raised $29 million (£23.1 million) to expand.

Edited, which allows users to track the popularity and prices of clothes and beauty products across the retail industry, said the money will be invested in tech and hiring more people in the UK and the US where it has an office in New York.

Most of the funding comes from London-based private equity firm Beringea, a backer in jewellery brand Monica Vinader, and US investor Wavecrest Growth Partners. Hermes GPE also took place in the funding round.

Wavecrest’s managing partner Deepak Sindwani said: “During these uncertain times, retailers and brands need real-time data more than ever.”

He added: “We believe Edited provides an essential data and business intelligence platform to enable customers to make the most profitable design, pricing, product, and supply chain decisions.”

Karen McCormick, chief investment officer of Beringea, said Edited offers “a must-have product” for retailers and analysts.

Edited, which employs around 100 staff, was founded in 2009 in Clerkenwell by former fashion designer Julia Fowler and software engineer Geoff Watts. They retain a stake in the business alongside existing early backers.

Tech-focused investment bank GP Bullhound advised Edited.