Singapore - Browzwear, the supplier of 3D digital solutions widely used by the knitting sector, has secured a fresh tranche of investment that will see it accelerate its platform development and market expansion.
The Singapore-based firm has just announced the closing of a US$ 35 million funding round from growth equity firm Radian Capital.
Radian says it has invested in Browzwear based on the company’s existing leadership position and track record of growth.
“We look to partner with market leaders that have been able to build strong, healthy businesses on their own terms,” said Weston Gaddy, a co-founder and partner at Radian. “(It’s) a twenty-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.”
Browzwear says its end-to-end digital product creation for the apparel industry has seen a 40 per cent year-over-year growth over the last five years. And the additional capital from Radian will enable it 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 intends to triple its global workforce over the next two years with an aggressive recruitment drive which will seek 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.
“The fashion industry has made great strides toward digital transformation, but there’s so much more we can do,” said Avihay Feld, co-founder and CEO, Browzwear. “We have an ambitious vision for a future in which systems and tools throughout the ecosystem are connected. 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.”