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True Fit closes $55 Mn series C financing to expand its first ever Genome for footwear and apparel

True Fit closes $55 Mn series C financing to expand its first ever Genome for footwear and apparel

The last few months have been big for True Fit – we tripled our commercial growth YoY, our registered users passed 55 million and we moved our office to downtown Boston. But truth be told, we’re only getting started. We’re so thrilled to announce today that we’ve closed a series C investment round for $55M!

London | Mumbai, Feb 1, 2018. (Source: True Fit)

The round, led by Georgian Partners – with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Cross Creek Captial – comes during industry shift in retail towards personalized, 1:1 experiences. So, how are we planning to use the investment to support this shift ?

TrueFit1-copyright-AndyRyan
TrueFit1-copyright-AndyRyan

1. The new funding will further develop True Fit’s personalized style, fit, and analytics solutions.  True Fit’s unique understanding of consumer preferences and garment attributes help retailers to better personalize all touch points of the consumer journey. With the investment, we’ll innovate to help retailers personalize that entire customer journey, from top-of-funnel search & display, to on site discovery and inspiration, to conversion confidence and return reduction, reengagement with personalized emails, retargeting, chat and voice applications, and new in store experiences.

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2. To help retailers and brands expand their growth even further, True Fit is making its APIs available to the broad ecosystem of retail service providers.  You may have seen Levi’s in the news lately because of their chatbot, Levi’s Stylebot. Many retailers are taking to artificial intelligence as a strategy to “connect” with consumers, digitally, and seeing success in doing so. The new funding will further develop True Fit’s robust AI data platform to include more robust open APIs, new AI-driven integrations, and new resulting capabilities, such as personal outfitting, chatbot virtual stylists, and enhanced visualizations.

3. True Fit’s vast network of retailers and partners will grow beyond North America, the United Kingdom and European markets to new global markets including Asia and South America.  With a headquarters in Boston, MA and offices in London, Berlin and Mumbai, we’re now poised to expand to critical global markets in South America and Asia. The State of Fashion, a new report from Business of Fashion and McKinsey, says

 “In 2018, an important tipping point will be reached when, for the first time, more than half of apparel and footwear sales will originate outside of Europe and North America, as the main sources of growth are emerging market countries across Asia-Pacific, Latin America and other regions.”  

 

Also Read:  Online classifieds platform Quikr raises Rs 55 crore in venture debt financing from InnoVen Capital

We’re excited to expand our Genome data collective, our relationships with brands and retailers, and our services into these new markets to help consumers find the products they love and keep.