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

Pic: Shutterstock

Textiles | On 17th Feb 2020

Vietnam textile firms urged to source from Malaysia, India

Pham Xuan Hong, president of Ho Chi Minh City’s textile association,...

Pic: Shutterstock

Textiles | On 17th Feb 2020

Myanmar to initiate measures to improve trade strategies

Myanmar will take measures to raise overseas demand for indigenous...

Pic: PaCT

Apparel/Garments | On 17th Feb 2020

IFC portal to monitor resource usage in Bangla RMG sector

The International Finance Corporation (IFC) has developed PaCT...

Interviews View All

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Vasudevan LK,

Vasudevan LK

Epson is a world leader in digital imaging and printing solutions....

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

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

Leave your Comments


February 2020

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


Advanced Search