Browzwear, a 3D digital solutions providing company for the fashion industry, has secured funding of US $ 35 million from growth equity firm Radian Capital.
The investment has been made by Radian based on the fashion tech company’s existing leadership position and track record of growth, and will accelerate delivery of Browzwear’s aggressive goals for platform development and market expansion.
Weston Gaddy, Co-founder and Partner at Radian Capital, commented, “We look to partner with market leaders that have been able to build strong, healthy businesses on their own terms. A 20-year-long overnight success story, Browzwear invented the use of 3D design for apparel and is increasingly being adopted as the design system of record by the largest brands and manufacturers in the industry. The company has done something incredible in getting to that position without outside funding and with impressive, profitable growth.”
According to Browzwear, it’s already driving end-to-end digital product creation for the apparel industry and has seen around 40 per cent Y-o-Y growth for last 5 years in a row. The additional funds from Radian will enable the company to build on those advantages and deliver on its goal to more than double the size of the business over the next two years.
To support this accelerated growth, Browzwear is instituting an aggressive recruitment plan, intending to triple its global workforce over the next two years.
The company also plans on adding new talent across areas that will widen the company’s technological leadership in the industry, such as R&D and product development, while simultaneously bolstering its customer-facing teams to enhance service while supporting scale.
Furthermore, Browzwear is also exploring opportunities for inorganic growth while planning substantial expansion of its partner programme.
The company currently consists of more than 100 partners; the partner programme is an ecosystem of complementary products and services that enhance the overall value of Browzwear for customers.
By building on this network and bringing together the industry’s most cutting-edge technologies, Browzwear can catalyse further innovations that extend the value of true-to-life 3D through product development and manufacturing to consumer-facing solutions that will power next-generation e-commerce capabilities.
Avihay Feld, Co-founder and CEO, Browzwear, shared, “The fashion industry has made great strides toward digital transformation, but there’s so much more we can do. We at Browzwear have an ambitious vision for a future in which systems and tools throughout the ecosystem are connected.”
Avihay further added that this unification of solutions for the entire value chain is the foundation the industry needs to make digital experiences such as true-to-life virtual try-ons a reality.
“By facilitating processes from product development and manufacturing to final retail sale, Browzwear will drive more value for its customers and bring greater efficiency, sustainability and profitability to stakeholders throughout the fashion industry,” mentioned Sharon Lim, Co-founder and CEO of Browzwear.