Retail tech startup Edited has landed $29 million in a new round of funding, the company announced Wednesday.
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Edited has a large amount of real-time product data, with the company tracking more than 2.5 billion products across the world. That data helps retailers track things like product trends and pricing, so they can make better, data-driven decisions across the board.
“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,” CEO Geoff Watts said in a statement. “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.”
The funding will be used to further product innovation and for hiring across the New York and London offices, Watts said in an email. Over the past two years, Edited has doubled its revenue and grown its customer reach across 30 countries, according to a statement from the company.
The new round was led by Boston’s Wavecrest Growth Partners and Beringea UK. The company partnered with Wavecrest because of its “strong network in the states and experience scaling up other SaaS companies,” and Beringea because of its portfolio of fashion retail expertise, Watts said in an email.
More than 200 brands and retailers use Edited’s platform, and the company counts J. Crew, Puma and Zara among its customers, according to Edited’s website.
Illustration Credit: Li-Anne Dias