Fashion tech start-up seeks £10m

A LONDON technology start-up backed by fashion mogul and New Look founder Tom Singh plans to raise around £10 million for expansion after securing a number of major clients.

Fabacus has appointed Zeus Capital to find investors to back the firm which links major global licensors with their licensees.

The company last month inked a deal with UFC, the mixed martial arts organisation.

The agreement was brokered by US brand licensing giant IMG with which Fabacus al so has a relationship.

Fabacus owner Andrew Xeni said the technology gives big brands visibility over their licensed products and could be used to offer discounts, rewards and other offers directly to consumers.

It will allow the owners of brands in the licensing industry – which is worth more than £200 billion – to monitor the use of their intellectual property in online marketplaces across the world.