Betabrand, a US-based crowdfunded clothing producer backed by digital media company O’Reilly Media, raised $15m in series C funding from investment bank Morgan Stanley and venture capital firm Foundry Group yesterday.
Betabrand runs a platform that crowdsources clothing designs which its users fund to production, at which point the company takes on manufacturing and logistics. More than 300 designs are listed on the site, with new designs added daily.
Chris Lindland, founder of Betabrand, said: “Unlike the traditional fashion world, where designers wait 12-16 months to see their creations unveiled to consumers, Betabrand involves customers from the very start.
“On our platform, designers can see their ideas go from concept sketch to crowdfunding prototype in a matter of weeks.”
The round increased Betabrand’s total funding to $29m. O’Reilly led the company’s $1.3m series A round in 2011, which also included Morado Ventures, before Foundry Group led a $6.5m round the following year.
– Photo courtesy of Betabrand