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New Look founder continues investment streak with seven-figure backing for fashion tech startup

London-based fashion technology startup, Fabacus, has raised £1m seed funding from New Look founder Tom Singh and hired a former JPMorgan and Lehman Brothers financier as its Chief Financial Officer.

The tech firm, which aims to help fashion companies improve their supply chain efficiency, has already sealed over a dozen contracts with high-street fashion chains for its supply chain management software and data analysis tool, despite only launching this year.

New CFO, Nish Kotecha, will oversee its £10m fundraising as Fabacus looks to embark on global expansion in the New Year.

The startup 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.

Following this latest fundraise, Xeni, who is Fabacus’ Chief Executive of Fabacus, said: “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.

“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.”

The seed investment also marks another investment from Tom Singh, who has backed a range of tech firms this year including software startup Veeqo earlier this month.

Singh commented: “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.

“Fabacus has been created from the ground up inside a clothing manufacturer and the point is to replace a culture of sticky notes and Excel sheets with digital processes that have the potential to really help companies grow and become more efficient.”