Home / Knowledge / News / Information Technology / Virtusize bags funding from D-Ax for global expansion
Virtusize bags funding from D-Ax for global expansion
23
Apr '14
Virtusize, the award winning virtual fitting solution, announced that it has secured Series A round of investment from D-Ax, a collaboration between the Swedish conglomerate Axel Johnson AB and a group of digital experts, RECAPEX.
 
The partnership was initiated in 2013 to support digital entrepreneurship. Virtusize is D-Ax’s first strategic investment. The funds will be used to launch Virtusize in new markets and to advance product development. 
 
Virtusize is today available in over 200 markets through 30 e-tailers in Europe and Asia, such as ASOS, Monsoon, Acne Studios, Esprit and Magaseek. Virtusize has offices in Stockholm, Berlin and Tokyo and its team is 19 people strong.
 
Johan Siwers, co-founder of D-Ax and General Partner at RECAPEX, comments: “We set up D-Ax to specifically focus on digital projects and innovative companies. As soon as we met Virtusize we knew we had unearthed an impressive product and company. Virtusize has developed a smart way to help online retailers solve a complex problem facing the industry. 
 
“Its solution not only improves the experience for the customer, it also reduces the costs of returns for retailers by up to 50% - no other solution on the market has this much of an impact. This coupled with an extremely strong team of co-founders creates a strong case. We are looking forward to working with Virtusize on its quest to solve a long standing problem for online retailers.”
 
Gustaf Tunhammar, CEO and founder of Virtusize, adds: “Axel Johnson AB is renowned for their long-term experience in retail, whilst RECAPEX has worked on success stories such as Match.com, Livebookings and Bookatable. We are keen to tap into their knowledge to help take Virtusize to the next level by expanding into new markets, growing the team and developing the product.”
 

Virtusize

Must ReadView All

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Textiles | On 8th Dec 2016

R&D is key to textile industry’s growth: Kavita Gupta

Research and development is the key to the growth of the textiles...

Textiles | On 8th Dec 2016

Indonesia may ease procedures for raw material import

In order to boost the competitiveness of the domestic textile...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Kevin Nelson
TissueGen

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Karan Arora
Karan Arora

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search