True & PDS Multinational Group form Strategic Partnership

Retail and fashion supply chain experts, PDS Multinational Group have co-invested in True’s Early Stage Investment Fund as part of a multi-year agreement to support its journey to identify innovative solutions for its customers.

The strategic partnership will enable PDS to gain access to True’s annual innovation flow of over 3,000 disruptive businesses – including those operating in PDS’s core focus areas such as fashion innovation and the circular economy, as well as those that can provide strategic alignment in the longer term.

True’s Early Stage Investment fund invests up to £500,000 at the seed or Series A stages in highly disruptive retail technologies and consumer brands. The fund focuses on investing into consumer brands centred around differentiated products and highly engaged communities (such as Bleach, Shameless Pets and War Paint), as well as retail technologies that assist in driving corporate innovation (such as Spirable and Third Eye).

As part of the collaboration, True and its portfolio companies, will be able to draw on PDS’s long-standing insight, knowledge and operational experience to drive further value across the investment portfolio. Also, True will be able to tap into the network and connections of PDS – large retailers and global brands that could support the True portfolio companies.

Pallak Seth, Founder of PDS Multinational says: “2020 has been a disruptive year in which retail and consumers’ buying patterns have changed structurally and, as a result accelerated innovation. To capitalise on this and seize the opportunity, we decided to invest further in our innovation programme by partnering with an expert in finding cutting edge technologies and products in an overcrowded world of startups. We chose True as an investment partner because we recognised its nimble entrepreneurial culture and were attracted to True’s heritage and expertise in fashion retail through its investments in businesses such as Alex & Alexa and hush and Abercrombie & Fitch as a partner. Their proven track record in providing access to capital, talent and systems required to support high growth businesses is second to none.”

Matt Truman, CEO of True comments: “We believe this hybrid model of co-investment and access to innovation represents the next generation of synergies across our corporate partner suite, investor base and portfolio companies. We are delighted to be partnering with global leaders PDS and look forward to being the cornerstone of their innovation journey in the coming years.”

14 December 2020