Home / Knowledge / News / Apparel/Garments / True Fit raises $25 mn Series B Financing
True Fit raises $25 mn Series B Financing
28
Jul '16
Courtesy: True Fit
Courtesy: True Fit
Massachusetts-based True Fit, footwear and apparel's discovery platform, on Wednesday announced a $25 million Series B financing from Jump Capital, Signal Peak Ventures, and Intel Capital. The growth capital brings total investment in True Fit to $40 million and it will be used to serve rising demand, and growth especially in UK and Europe.

True Fit's platform currently serves many leading retailers and brands throughout the UK and Europe, where the data platform is localised for each region, incorporating local fit and sizing systems, regional body shapes, personal preferences, and brand affinities, as well supporting diverse languages including English, French, Spanish, Italian, German, and Dutch, the company said in a press release.

This investment follows True Fit's recent announcement regarding its mapping of the world's largest collection of fit, style and consumer preference data into the Genome for footwear and apparel. This massive data platform was developed in partnership with the world's leading fashion retailers and brands to help unlock the digital apparel market, which will soon be $2 trillion globally but is still only 12 per cent digital.

As the industry's trusted third-party data platform between retailers, brands and consumers, True Fit has organised and connected the unique relationships between millions of styles from 10,000 brands to the fit and style preferences of over 100 million consumers. Each piece of clothing and every shoe in the Genome are defined by 100 to 200 detailed attributes, including style characteristics and technical specs.

Through advanced machine learning algorithms, this real time analytics platform delivers personalised recommendations and curates full catalogues of shoes and clothing to match consumers' fit, personal style, and performance needs. This allows consumers to shop with confidence and inspiration, and buy and keep more of what they love, which is leading to a 5 per cent overall lift to retailers' net revenue.

Retailer demand for True Fit's SaaS solution continues to rise sharply as bookings and enterprise retail partnerships tripled again year-on-year. True Fit's registered user base also continues to grow, already exceeding 20 million and adding 1.5 million new users each month from its expanded presence on 300 million monthly page views across its network, the release said.

“It's an exhilarating time at the intersection of fashion and data science. We're so pleased the True Fit platform is unlocking digital growth in the footwear and apparel market for so many leading retailers,” said William R. Adler, CEO, True Fit. “We're thrilled to be supported by the incredible investors at Jump, SPV and Intel Capital, who share our vision that it should be just as simple to buy shoes and clothing digitally as it is to buy books, music, movies, and consumer electronics.”

“True Fit's best-in-class team has developed an extraordinary platform,” said Michael McMahon, Managing Partner, Jump Capital. “It's changing the way retailers and brands improve the digital shopping experience for consumers, having a meaningful impact on the marketplace.”

The new investment will also accelerate market growth of innovative new products from True Fit's Genome platform for fashion retailers, who seek seamless personalisation services from a unified data platform across all devices and channels, the release said. (SH)

 

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search