Other existing investors also participated in the round, the company said.
EDITD is used by the world’s retailers and brands, including ASOS, Gap, Gilt Groupe, Missguided, Target and Motel, providing information to support price architecture, product assortment and positioning.
The company said it will use the funds to drive further hiring of “key strategic positions” in its London, Melbourne and recently opened New York offices.
“EDITD’s approach to retail analytics is unique; they have a real-time view of the apparel market. 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,” said Robin Klein, partner at Index Ventures.
Joe Krancki, from Frog Capital, added, “There is no other company like EDITD, and the recognition they’ve received from the likes of WSJ, Bloomberg, and Forbes as the next big thing in retail technology is well-earned. 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. Frog are delighted to join Index in backing the EDITD team as they redefine how leading fashion and apparel retailers manage their business.”
Index Ventures’ portfolio currently consists of more than 150 companies based in 20 countries and 39 cities including Dropbox, Etsy, Funding Circle, King, Supercell, Criteo, Nasty Gal and SoundCloud.
This is the second deal announced this week from London-based Frog, investing in a pre-IPO round for RatedPeople.com, an online marketplace for tradespeople.
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