Fabacus raises 1 million pounds in fundraiser led by New Look's founder

London’s fashion tech start-up Fabacus has raised 1 million pounds of seed funding from a group of investors led by New Look founder, Tom Singh.

Fabacus was founded in 2016 by Andrew Xeni and Ray Noppe to offer retailers and manufacturers technology to give them oversight of the whole supply chain, from where goods are and what they cost to whether they are ethically manufactured.

The company’s new CFO, Nish Kotecha, will oversee its 10million pounds fundraising and lead Fabacus project to expand globally in 2017.

The company’s CEO explained that “There is a huge opportunity for retailers to drive significant cost savings to consumers through better understanding how their products are made. Brexit and e-commerce mean brands are under increasing pressure to improve margins and we’re confident about expanding globally, supporting brands operating around the world.”

Regarding their new chief financial officer, Xeni said that “We believe Nish can help us to win new backing. Our business has the capability to win customers in the US and China, and more investment will help us scale quickly.”

Since coming into business, it has already secured over a dozen contracts with major high-street chains for its supply-chain management software Overture and data-analysis tool, Symphony.

Inefficient procurement and a lack of real time information has compressed margins and held back the high street in the face of staunch online completion. Fabacus highlights that a better understanding of delivery time frames and the ability to better procure materials could cost manufacturers millions of pounds.

Commenting on his latest investment, Tom Singh said: “Lean production and big data are buzzwords for some, but with the right software, manufacturers can benefit immensely by creating more potential and by better understanding what’s happening in their business.