News & events

Pioneering fashion brand Wool and the Gang raises
$2.8 million from leading retail and fashion tech investors

 

 

 
25 July 2013
Pioneering fashion brand Wool and the Gang raises  $2.8 million from leading retail and fashion tech investors

Pioneering fashion brand Wool and the Gang raises $2.8 million from leading retail and fashion tech investors

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Pioneering fashion brand Wool and the Gang raises
$2.8 million from leading retail and fashion tech investors.

London, United Kingdom July 25th, 2013 - Wool and the Gang today announces funding $2.8m to build on its fast-growing reputation for sustainable fashion, which harnesses the power of the internet and the creativity of the maker movement.

Wool and the Gang's vision is to reboot old-style home manufacturing, slashing the time to market for fashion collections from the 6-12 months, which is standard across much of the fashion industry, to just 2-4 weeks.  Focusing on fashion that's uniquely made and never from a factory, the brand sources all materials for their sustainable qualities.

As one of the world's most innovative fashion brands, Wool and the Gang sells its sustainably made knitwear either as Ready to Wear, hand-crafted pieces made by its global network of makers or items can also be bought as 'Knit Kits' which enable knitters to make their own Wool and the Gang apparel and accessories at home.

Today, Wool and the Gang also launch The Gang Collection™ - a unique collection, made and customised by a community of makers. The inaugural Gang Collection™ features two different handbag styles, each made unique by its maker, and sold on Wool and The Gang's marketplace.

Designed by Wool and the Gang's Creative Directors and Co-Founders, Aurelie Popper and Jade Harwood, The Gang Collection™ will continue to expand, being made, customised and sold by the brand's global network of knitters through www.woolandthegang.com.

The investment round led by Index Ventures and Wellington Partners, together with MMC Ventures and a number of other tech investors enables Wool and the Gang to develop this ground-breaking Gang Collection™ and marketplace, as well as expanding its existing markets in the U.S., UK, Europe and Japan.

"We're incredibly excited to have such experienced investors backing our quest to build a worldwide movement around sustainable, fashion that's made unique and never from a factory," said Lisa Rodwell, the firm's CEO. "Wool and the Gang offers customers the chance to buy fashion in a more transparent way."

Index Ventures co-founder Neil Rimer added: "Lisa and the team have the vision and ability to build a game-changing fashion business, connecting people all over the globe in a way that has never been done before. In a matter of a few years, they have created a powerful brand with influential fans - and that's down to the imagination and talent of the design team."

Daniel Waterhouse, General Partner at Wellington, also commented: "We are delighted to again back a London-based team with global ambitions and a unique approach to changing an industry."

Rory Sterling, Partner at MMC Ventures commented: "We believe technology and the internet will continue to change the way fashion is designed, created and consumed. We love Wool and the Gang's approach to unique and sustainable collections, combined with significantly reduced time to market and the power of community."

Media Contact:

Ashleigh Tennent - Ashleigh@woolandthegang.com; 07813 822685

About Wool and the Gang

Wool and the Gang is a global fashion brand that believes in exceptional design that's Made Unique. Never factory made, each Wool and the Gang item is handcrafted or knitted by The Gang - our team of artisans and makers around the world. Wool and the Gang has made knitting cool, with millions of fans from around the world taking up their knitting needles.

Co-founded by Central Saint Martins textile design graduates Jade Harwood and Aurelie Popper in 2008 who previously worked at Alexander McQueen and Balmain, Wool and the Gang's development, designers and warehouses are located in Dalston, East London - an area increasingly known as a fashion hub, which is also on the fringes of Tech City.

For more information about Wool and the Gang, please visit www.woolandthegang.com

@woolandthegang

About The Inaugural Gang Collection

The Bag Collection includes the Hold Tight Clutch  and the Zigazig Shopper, made using Wool and the Gang's newest yarn - Jersey Be Good T-shirt yarn. This jersey yarn is created from the off-cuts of material used in production of the traditional fashion industry thus saving these cuts from becoming land-fill. Each bag is uniquely made by one of our Gang makers in Britain.

Prices start at £79.00 / $105

About Index Ventures:

Index Ventures is a leading venture capital firm investing in technology and life science companies. Based in Geneva, London and San Francisco, Index has backed a succession of visionary entrepreneurs, including the teams behind MySQL, Skype, Last.fm, Playfish and Betfair. Its portfolio currently consists of more than 150 companies in 20 countries including SoundCloud, Dropbox, King, Path, Funding Circle, Nasty Gal and Etsy.

For more information about Index Ventures, please visit www.indexventures.com

About Wellington Partners. 
Wellington Partners is one of the most successful pan-European venture capital firms, with some €800 million under management and offices in London, Munich, Palo Alto and Zurich. The firm invests in companies throughout Europe that have the potential to become global leaders, in the areas of Digital Media, Software, Resource Efficiency and Life Sciences.

Since 1998, Wellington Partners has invested in more than 100 European companies, including now publicly traded Actelion and XING and privately held companies like Spotify, Hailo, Adconion, eBay-acquired Alando, Microsoft-acquired Ciao, EyeEm, Sumall, YPlan and Qype.

About MMC Ventures

Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader - particularly financial and business services, business software, digital media and e-commerce.  With over £100 million under management, MMC was rated as one of the most actives investors in 2012.  MMC specialises in fast-growth early-stage businesses, partnering with entrepreneurs and impressive management teams to achieve substantial scale and profitability.

MMC's existing portfolio includes AlexandAlexa, Base79, Interactive Investor, Knowledge Mill, LoveHomeSwap, Reevoo, The Practice, NewVoiceMedia, Tyres on the Drive, Masabi, Consilium, Safeguard, Creativity, iJento, Neoss, Breathing Buildings, Small World and Somo.

www.mmcventures.com

@MMC_Ventures