Stylesight Raises US$10 Million in Funding from Volition Capital and Cue Ball Capital
By Stylesight, PRNETuesday, March 2, 2010
B2B Trend Content and Software as a Service (SaaS) Provider Finalizes Additional Equity Funding and Names Richard J. Harrington to Board of Directors
NEW YORK, March 3, 2010 - Stylesight, the leading global provider of trend content, tools and
technology for the fashion and style industries, announced today that it has
closed a US$10 million equity investment to fuel its ongoing growth and
global expansion. The investment was provided by Volition Capital, a growth
equity firm 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, and 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, manufacturers, 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 on the Board of Directors for Xerox Corporation
and Aetna.
"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."
About Stylesight
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
manufacturers worldwide. Stylesight is headquartered in New York with
satellite offices stationed in fashion capitals around the world.
(www.stylesight.com)
Elyse Heckman, Public Relations Manager, +1-212-801-2057, eheckman at stylesight.com
Tags: English translation, France, March 3, New York, Stylesight, United Kingdom