United Kingdom : Virtusize bags funding from D-Ax for global expansion

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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

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