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True Fit unveils new $55 million Series C investment
22
Jan '18
Courtesy: Business wire
Courtesy: Business wire
True Fit, the retail industry’s data-driven personalisation platform for apparel and footwear, has unveiled a new $55 million Series C investment, led by Georgian Partners with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new Cross Creek Capital. The new funding will develop True Fit’s robust AI data platform.

In addition, the new funding will advance innovation of its personalised style, fit, and analytics solutions. It will also expand the company’s offerings to include more robust open APIs, new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylists, and enhanced visualisations.

The investment underscores the rapid growth of True Fit’s vast network of retailers and partners in North America, UK and EU markets, while expanding into new global markets including Asia and South America.

To help retailers and brands expand their growth even further, True Fit is also making its APIs available to the broad ecosystem of retail service providers. True Fit’s unique understanding of consumer preferences and garment attributes helps retailers to better personalise all touchpoints of the consumer journey from top-of-funnel search and display, to on site discovery and inspiration, to conversion confidence and return reduction, reengagement with personalised emails, retargeting, chat and voice applications, and new in-store experiences. Rich analytics and insights from True Fit help retailers and brands make smarter merchandising, marketing, and manufacturing decisions.

True Fit’s Series C financing comes at a time of hyper growth for the company. The company tripled its commercial growth YoY in 2017, seeing its presence top 200 major global enterprise retail sites, while in parallel the network of registered users surpassed 55 million.

“The retail industry is experiencing an exciting and profound shift toward great, personal experiences, and rich, data-driven personalisation is at the core driving the growth,” said William R Adler, CEO, True Fit. “We are grateful to steward this special data collective on behalf of thousands of brands and the world’s leading retailers, while supporting them with the innovative tools required to successfully compete.” Adler continued, “We’re thrilled to welcome Georgian Partners to our investor group and Board of Directors. The Georgian team is extraordinary, and their thesis for building the world’s best AI-driven data platforms makes this a very natural partnership. This round and their leadership underscores and accelerates our vision to be the intelligence inside every footwear and apparel shopping experience.”

“As a trusted partner for the apparel industry, True Fit has developed a truly unique dataset,” said Justin LaFayette, managing partner, Georgian Partners. “We’re very excited to be partnering with what is a world-class team to help further develop their applied AI capabilities.” (SV)

Fibre2Fashion News Desk – India


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