Thread, Chargemaster investor Beringea to raise $100 million

Thread
cofounders Ben Phillips and Kieran O’Neill, and style director
Shaunie Brett.
Thread

• Startup backer Beringea plans to raise up to £80
  million ($100 million) in new funding.
• Beringea is a long-established investment company in
  the UK and the US, and has backed startups including men’s
  fashion service Thread and electric car charging company
  Chargemaster.

Beringea, which has backed men’s clothing startup Thread and
electric car charging firm Chargemaster, plans to raise up to £80
million ($100 million) in new capital by issuing new shares.

The investment firm runs two publicly listed funds in the UK,
known as venture capital trusts (VCTs), which invest in
fast-growing startups and which any investor can put money into.
This is slightly different to traditional venture capital funds,
which are closed to direct public investment and have limited
lifecycles.

The firm plans to raise the funding from December for its two
VCTs listed on the London Stock Exchange, adding to its current
$700 million (£549 million) under management across the US and
the UK.

Beringea managing partner Stuart Veale said the company had an
initial target raise of £60 million ($77 million), but would
consider another £20 million ($26 million) depending on demand.

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Beringea’s portfolio of startups includes Chargemaster, which
provides charging points for electric cars and was acquired
by petrol giant BP in June for £130 million. It also backed
online watch retailer Watchfinder, acquired in June by Swiss
luxury goods retailer Richemont. More recently,
Beringea backed Thread, a popular app that helps men buy
clothes tailored to their particular taste.

Veale said Brexit uncertainty had not impacted Beringea’s deal
flow and, while there is no guarantee the firm would hit its
target, the company had successfully raised millions in previous
years.

“We’re seeing a strong flow of new investment opportunities,
we’re definitely up on where we were last year,” he said. “There
is always competition for good investments, and we continue to
see a really strong flow… We’re still pretty confident.”