Industry-leading retail and data analytics company receives significant investment from the ProVen VCTs, Wavecrest and Hermes GPE
EDITED, the retail decision platform, which houses the world’s largest source of real-time data, announced today that it has raised $29 million in growth equity funding. The round was co-led by Boston-based Wavecrest Growth Partners and the ProVen VCTs, with participation by Hermes GPE. The capital will be used to expand product innovation, accelerate hiring and expand the company’s global presence.
Founded in London by Geoff Watts and Julia Fowler in 2009, EDITED is the leading retail decision platform used by over 200 leading brands and retailers to optimize their buying and merchandising decisions. Many brands and retailers have historically relied on guesswork and manual comparison shopping to make their product, design, supply chain and pricing decisions. With the EDITED platform, which tracks over 2.5 billion products worldwide, brands and retailers can now make data-driven decisions by using real-time market data. The platform is used every day by a variety of customers from fast-fashion to luxury industry leaders, including Chloé, Zara, Mango, J.Crew, Puma, Tommy Hilfiger and boohoo.
Retailers who use the EDITED platform to inform their product, pricing, assortment and supply chain strategies report, on average, revenue growth of +15% YoY. According to Marta Setien de Casas, Pricing Manager at Mango, “The EDITED platform gives us huge data insights of the market in real-time which has helped us immensely with our global pricing strategy. By accurately determining first pricing on products, EDITED has been key to analyze and auto-correct our market positioning, especially in a year when Mango’s sales increased by 6.3% YoY, making up 2.4bn euros.”
In the past two years, EDITED has expanded its global customer reach across 30 countries and doubled its revenue.
“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. “We believe EDITED is well-positioned to accelerate its US market presence and to expand its market-leading product line, and we look forward to helping them to achieve this.”
Karen McCormick, Chief Investment Officer of Beringea, commented: “EDITED’s powerful retail decision platform provides unparalleled real-time industry data and competitive insights, which makes it a must-have product for leading retailers and industry analysts. With a blue-chip list of clients and growing presence on both sides of the Atlantic, EDITED is an international success story and this investment is testament to its vast potential as it enters this next chapter of its global expansion.”
“Since we started EDITED a decade ago, the vision has always been to transform the retail industry and this next step is A.I.-driven decision automation,” said Geoff Watts, CEO, and Co-Founder of EDITED. “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.”
EDITED’s platform uses A.I., sophisticated analytics, and image and text recognition to understand pricing, discounts, assortments, and trends in real-time across the apparel, beauty and homeware industries. EDITED is built by data scientists and engineers working alongside former buyers and merchandisers from global brands and retailers.
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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