MadThread
MadThread is a fast-growing fashion technology company.
| Date | Investors | Amount | Round |
|---|---|---|---|
$500k | Seed | ||
| Total Funding | 000k | ||
MadThread Pte. Ltd. operated as a fashion-technology company in Singapore, providing an online platform for clothing rentals. Founded by economics graduate Nicole Hu in April 2018, the company aimed to offer a sustainable and cost-effective alternative to traditional fashion consumption. Hu's motivation was to address the common issue of consumers having bursting wardrobes but only utilizing a small fraction of their clothes.
The business functioned on a subscription-based model, which provided customers with access to what was described as an unlimited 'closet in the cloud' for a flat monthly fee. This service primarily catered to women in their 30s and 40s seeking outfits for work, weddings, and casual events. The platform monetized through monthly subscription fees, with plans that varied in price and offered different benefits, such as the number of items per delivery and the frequency of swaps. For instance, one popular plan allowed for unlimited rentals, delivering three pieces at a time. The service also featured a 'try before you buy' option, allowing subscribers to purchase items they had previously rented.
MadThread's inventory included a curated selection of cult and contemporary brands sourced globally, such as Self-Portrait and Cult Gaia. The service differentiated itself with features like next-day delivery and 'MADSwap', which allowed users to return their current items and receive a new selection simultaneously. After initially bootstrapping, the company secured over S$700,000 in a seed funding round in July 2019. However, by June 2020, reports indicated the company was on an indefinite break, and official records show it entered into liquidation in October 2020, citing an inability to continue business due to its liabilities.
Keywords: fashion rental, clothing subscription, Singapore startup, Nicole Hu, sharing economy, circular fashion, e-commerce, wardrobe-as-a-service, designer clothing rental, style subscription box, online fashion platform, sustainable fashion, apparel rental, fashion technology, subscription commerce, Southeast Asia tech, venture capital, AngelCentral, closet in the cloud, workwear rental, occasion wear