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