7th October 2009
For immediate release

Cape Town based Internet Startup, Fashion Evolution Holdings, has raised a further R4M ($0.5M) in its second round of funding, with the aim of commercialising its social network, crowdsourcing, & eCommerce web based software platform, to be used to launch further internal
brands, as well as being used for powering 3rd party websites.

Fashion Evolution’s first brand, Springleap.com, launched 18 months ago, and has become the largest crowdsourcing website in South Africa, as well as one of the most popular T-shirt crowdsourcing websites internationally.

Eran Eyal, Fashion Evolution co-founder stated that “we’ve completed stage 1 of our business model, which was the launch of Springleap.com, and the R4M will allow us to take our vision to the next level, as we focus on further developing & improving all components of our web platform, in addition to expanding the product range from T-shirts to multiple products.”

Eric Edelstein, CEO & co-founder added: “Imagine a large company such as a beer company, creating a new name for a beer. Using our web based platform, in a matter of weeks, not only can they have a fully functioning 100% branded crowdsourcing, social network website centered around their offering, but using our unique methodology, they can also have a community of people wanting to get involved. The
creative side of the community will conceptualise new names, and the general community will interact with the brand on multiple levels such as voting on the various names, and commenting & discussing ideas around the brand.”

Fashion Evolution’s startup capital was contributed by the founders, and a short while later YDE founder Paul Simon, took a shareholding to take the company to the next level. Now Lord Duncan Barratt has invested in the company, resulting in accelerated growth to the next stage of its plan.

Lord Barratt remarked, “The business model shows incredible potential to quickly become another success story along the lines of Facebook, Twitter and Ning, and the founders and current management team are adding astounding amounts of passion, dedication & knowledge to ensure the success of the venture.”

Enquiries:
Eran Eyal
082 717 3802
eran@springleap.com