Israeli-Singapore firm Browzwear, a pioneer of 3D digital solutions for the fashion industry, announced the closing of a $35 million funding round on Tuesday, from growth equity firm Radian Capital.
The investment, which is the first round of funding for the software firm, will accelerate delivery on the company’s goals for platform development and market expansion, Browzwear said.
Radian is an investor in mature, capital-efficient B2B technology companies, including industry-leading software and platforms like Mural and Encompass Technologies. The venture capital firm said they 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.”
Founded in 2012, Browzwear specializes in 3D simulation for fashion designers, developers, and marketers. More than 650 organizations, including Walmart, Lululemon, and Nike leverage Browzwears open platform to streamline processes, collaborate, and pursue data-driven production strategies, so they can sell more while manufacturing less.
The additional capital from Radian will enable Browzwear to build on its visionary management team, pioneering technology, and large global customer base, the software company said. The company’s goal is to achieve a 150 percent growth rate for the next two years.
Browzwear also intends to increase its global workforce by 200 percent and add new talent across areas that will widen the company’s tech leadership in the industry, in R&D and product development. The company is also growing its customer-facing teams.
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.”