Browzwear Raises $35 Million to Accelerate Product Development and Market Expansion
New York, NY, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Browzwear, a pioneer of 3D digital solutions for the fashion industry, today announced the closing of a $35 million funding round from growth equity firm Radian Capital. As the first institutional financing received by Browzwear, the investment will accelerate delivery of the company’s aggressive goals for platform development and market expansion.
Radian, an investor in mature, capital-efficient B2B technology companies including industry-leading software and platforms such as Mural, Emailage and Encompass Technologies, 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 Capital. ”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.”
With a visionary management team, pioneering technology and large global customer base, Browzwear is already the leader in end-to-end digital product creation for the apparel industry, with a 40 percent year-over-year growth over the last five years. The additional capital 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 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.
Browzwear is also exploring opportunities for inorganic growth while planning substantial expansion of its partner program. Currently consisting of more than 100 partners, the partner program 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 catalyze 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.
“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,” said Avihay Feld, co-founder and CEO of Browzwear. “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,” said Sharon Lim, co-founder and CEO of Browzwear. “With Radian as our partner, we are well-positioned to make our vision a reality and bring the future alive today.”
Founded in 2012, Browzwear is a pioneer of 3D digital solutions for the fashion industry, driving seamless processes from concept to commerce. For designers, Browzwear accelerates collection development, opening limitless opportunities to create iterations of styles. For technical designers and patternmakers, Browzwear rapidly fits graded garments to any body model with accurate, true-motion material replication. For manufacturers, Browzwear’s Tech Pack delivers everything needed to produce physical garments perfectly the first time, and at every step from design to production. Worldwide, more than 650 organizations such as Columbia Sportswear, PVH Group and VF Corporation leverage Browzwear’s open platform to streamline processes, collaborate and pursue data-driven production strategies so they can sell more while manufacturing less, which increases both ecologic and economic sustainability. For more information, visit www.browzwear.com.
About Radian Capital
Founded in 2016, Radian Capital is an NYC-based growth equity fund. Radian partners with strong entrepreneurs and management teams of software and tech-enabled services businesses by helping these companies systematically accelerate growth and innovation. Representative investments include Mural, Emailage, and Encompass Technologies.
Sherry Smith Rally Point for Browzwear +1 (917) 545-6493 email@example.com