NEW YORK, July 17, 2012 /PRNewswire/ -- Golden Seeds co-led a $500,000 Series A financing for Source4Style, with an initial close on Tuesday, July 10.
Source4Style's online B2B marketplace connects designers around the world directly to a growing community of inspirational materials suppliers. The marketplace is currently focused on textiles, and will soon expand to include suppliers of other materials including yarns, lace, and trim.
The capital will fuel Source4Style's key technology builds, including enhancement of search and reviews, as well as its marketing efforts, which have already enabled the company to reach and acquire designers from 71 countries worldwide.
"Designers around the world converge at tradeshows – our vision is to bring that community online to facilitate effective sourcing 365 days a year," said Benita Singh, Source4Style's CEO.
"Source4Style brings technology and efficiency with a new business model that is likely to be disruptive to traditional tradeshows. We believe this fills a very important market gap," said Peter Listro, Managing Director, who led the deal for Golden Seeds.
Landis Capital and Great Oaks Capital co-led the round with Golden Seeds. According to Ken Landis, "Source4Style is a complementary fit with our consumer and internet enabled ecommerce investments, and we look forward to bringing our expertise and connections to bear on this exciting opportunity."
Source4Style was founded in 2009 by Benita Singh and Summer Rayne Oakes. Based on their combined 14 years of experience working in the fashion sourcing industry, they launched Source4Style as the first online tradeshow for materials sourcing & global design inspiration. Today the platform reaches thousands of designers in 76 countries and showcases suppliers from 26 countries.
About Golden Seeds
Golden Seeds is an investment firm dedicated to delivering above market returns for investors through the empowerment of women entrepreneurs. Its angel network consisting of 250 men and women is the fourth largest in the US and was the third most active in terms of deals done in 2011 and its venture capital group has $30million under management.
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SOURCE Golden Seeds