Retail data firm Edited raises $29M in growth capital
London-based retail decision platform Edited has raised £29 million in a funding round led by Boston-based Wavecrest Growth Partners and Beringea UK, with participation by Hermes GPE.
The data firm, which counts fashion brands including Zara, Mango, Chloé, Puma, Boohoo and Tommy Hilfiger as customers, provides a platform that helps retailers optimise their buying and merchandising decisions.
According to the company, retailers who use the Edited platform to inform their product, pricing, assortment and supply chain strategies see their revenues grow, on average, 15% year-on-year.
The firm uses AI technology, analytics and image and text recognition to understand pricing, discounts, assortments, and trends in real-time across the apparel, beauty and homeware industries. Its growth has led to revenues doubling over the past two years, with a customer network in 30 countries.
“During these uncertain times, retailers and brands need real-time data more than ever. 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”, said Deepak Sindwani, managing partner at Wavecrest Growth Partners.
The growth capital will be used to further improve product innovation, accelerate hiring and expand the company’s global presence.
“Since we started Edited a decade ago, the vision has always been to transform the retail industry and this next step is AI-driven decision automation,” said Geoff Watts, CEO, and co-founder.
“With this new capital, we’ll make even bigger strides to get there by growing our team and product capabilities so our customers can continue to succeed across all verticals especially during this current retail crisis.”
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