B2B Trend Content and Software as a Service (SaaS) Provider Finalizes Additional Equity Funding and Names Richard J. Harrington to Board of Directors
Stylesight, the leading global provider of trend content, tools and technology for the fashion and style industries, announced today that it has closed a $10 milllion equity investment to fuel its ongoing growth and global expansion. The investment was provided by Volition Capital, a growth equity firms formed by the US team of Fidelity Ventures, and Cue Ball Capital. In conjunction with the financing, Richard J. Harrington, Chairman and General Partner of Cue Ball Capital, and retired CEO of the Thomson Corporation (now Thomson Reuters), will join Stylesight's Board of Directors.
"Volition Capital and Cue Ball Capital's investments in Stylesight underscores their confidence in our growth, and validates our ongoing momentum," says Frank Bober, Founder and CEO of Stylesight. "Volition has been a great partner since their initial investment in 2008 and we're excited with the addition of Cue Ball Capital and their unique approach to working with their investment partners."
With this additional funding, the Company is well poised to accelerate its rapid growth. Stylesight's strong heritage of product innovation, unparalleled customer service and best in class content will benefit significantly from this additional funding. Recently named FOLIO Magazine's 2009 Eddie Award Winner for "Best Retail Website," Stylesight.com is the premier provider of trend content and Software as a Service (SaaS) designer tools, adn the only service available in Chinese, Japanese, Spanish and English translation. Stylesight offers its global subscribers the unrivaled ability to intercept, interpret and transmit the impulses of the style industry through its timely, relative trend content and state-of-the-art technology.
"Stylesight has proven itself to be the premier information service for the global fashion industry,"says Larry Cheng, Managing Partner, Volition Capital. "Their product portfolio is unmatched; the must-have trend service for retailers, manufactureres, designers, and factories worldwide. We are pleased to assist Stylesight in their ongoing rapid growth in the fashion and style industry."
Stylesight's newest board member, Richard J. Harrington, is a renowned industry leader in the information media world. Prior to co-founding Cue Ball, Harrington served as CEO of The Thomson Corporation, and led its transformation into the world's largest information services firm. Under his tenure, the business saw its market capitalization nearly quadruple. Harrington brings this deep experience to the Stylesight board, and joins current board members, Larry Cheng of Volition Capital and David Bell of Pegasus Capital Advisors. In addition to Stylesight and other privately held companies, Harrington serves as the Board of Directors for Xerox Corporation (NYSE:XRX) and Aetna (NYSE: AET).
"We are extremely excited to be partnering with Stylesight and Volition Capital. Stylesight has that rare combination of inspiring innovation and sound business model fundamentals," notes Harrington. "Stylesight fits squarely with Cue Ball's focus on recurring revenue business models and differentiated intellectual capital. I am proud to be joining its Board and supporting its continued growth."
Stylesight is the leading provider of trend forecasting and product development tools for creative professionals in the fashion and style industries. Founded in 2003 by apparel manufacturing veteran, Frank Bober, Stylesight's subscribers include leading retailers, designer and manufactureres worldwide. Stylesight is headquartered in New York with satellite offices stationed in fashion capitals around the world.