London-based Threads, founded by CEO Sophie Hill, was invested in by Highland Europe, a VC firm that invests in European internet, mobile, and software companies, and lead investor C Ventures, a VC firm that focuses on fashion and creative businesses.
Threads operates on what they call “chat commerce,” using WeChat, WhatsApp, Snapchat, Instagram and iMessage (Apple) to sell their luxury fashion goods. Threads doesn’t actually utilize chatbots, the sales team is human.
“The idea behind Threads is curation and convenience,” Hill told TechCrunch. “It’s a customer-centric business and it’s built on chat because that is where the customers wanted to be and transact.”
With the $20 million, the company said that it plans to hire more of everyone: stylists to engineers, and build more technologies to help with business operations.
Threads says that its mission is to operate “the best luxury shopping experience in the world” by speaking directly to shoppers.
“This is chat commerce, and it’s changing how the world buys fashion.”