A quarterly letter
to our future selves.
We are not raising. We do not plan to. The letter below is published quarterly for prospective acquirers, partners, and the journalists who keep asking us about our funding round. Read it like a memo from a quiet European company that grew at its own pace.
Drape closed Q1 2026 with one hundred and eighty-four paying ateliers and a quietly profitable run-rate of €2.4 million ARR. We did not run a single paid acquisition campaign. Ninety-one percent of new ateliers in the quarter arrived through word-of-mouth from a paying customer.
We hired three people in the quarter — a senior platform engineer in Paris, a creative director in Milano, and a customer engineer in London. We turned away forty-two applicants. We do not hire ahead of revenue.
We turned down our third acquisition conversation in March. The number was not the issue. The issue is that we have not yet built the company we want to be in five years. The next five years are more interesting than the exit.
We believe Drape can quietly become the default editorial pipeline for every independent fashion brand in Europe — and that pipeline is worth somewhere between a hundred million and a billion in eventual enterprise value. We are in no hurry to find out.
If you are reading this as a prospective acquirer: thank you for your interest. The door is closed for the next twenty-four months. After that, we will reconsider. Until then, we are quietly compounding.
If you are reading this as a future hire, partner, or atelier: thank you for your interest. The door is wide open.