Owned and operated by Prontinus Fashion Networking, 6Degree a fashion technology startup raised a pre-series A round of funding of $400,000 led by existing investor Indian Angel Network (IAN) and The Angel Network (TAN).
In 2016, IAN invested $200,000 in the Mumbai-based startup. The company will use the fresh funds raised to expand its team further develop its technology platform and increase their reach.
Nikhil Hegde, chief executive of 6Degree said in an official statement, “We have been in the industry for the past three years and have been operationally profitable, thus validating the domain of the fashion tech in the country. The business has been growing exponentially in client base and now caters to over 300 fashion designers who use the 6Degree STUDIO platform for managing their brand.”
The startup has reportedly clocked a revenue of Rs. 3.1 crore for FY 2016-17 and by the end of the current fiscal the company is expecting to reach Rs. 5 crore and be operationally profitable.
In the next financial year the brand will also be looking to integrate and expand their talent network and onboard models, stylists and more from the fashion ecosystem. Amit Bhardwaj, chief operating officer at 6Degree further added, “We also aim to expand regional presence in Tier 2 and Tier 3 cities as we believe that there is a lot of untapped talent which needs guidance and platform to make a mark in the fashion space.”
6Degree claims to serve more than 2,500 professionals and counts India Fashion Week London and Lakme Fashion Week as part of its clientele. They are a fashion-oriented, community-based, tech-platform that is accessed by bloggers, designers, photographers, models and brands as a marketplace.