The investor behind Thread and Chargemaster is looking 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 ($US100 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 ($US100 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 $US700 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 ($US77 million), but would consider another £20 million ($US26 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.”