True Fit reveals $25m in Series B investment

True Fit has announced a $25 million Series B financing from Jump Capital, Signal Peak Ventures and Intel Capital, bringing its total investment to $40 million.

The online footwear and apparel fitting tool will use the investment to meet rising demand and growth, as well as developing new innovations for its retail customers, which include House of Fraser, Clarks, Kate Spade, Adidas, Under Armour, Nordstrom and Macy's.

The money will also be used to develop True Fit Genome – a data platform created in partnership with the world's largest fashion retailers and brands. The platform will be used to digitise the apparel market, which is projected to soon be worth $2 trillion globally, but is only 12% digital.

True Fit's Genome platform will connect styles from 10,000 brands with the preferences of over 100 million customers. The technology analyses 100-200 attributions from each piece of clothing on its platform, and uses machine learning algorithms and real-time analytics to deliver personalised recommendations.

"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 Adler, CEO of 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."

Joe Jensen, VP and general manager, IOTG retail solutions division at Intel Corporation, added: "True Fit has aggregated an unrivalled set of structured data that already is delivering real value to retailers. Its vision for delivering responsive retail and immersive experiences ubiquitously across millions of devices via IoT matches Intel’s focus on these important and emerging categories."

For more information, click below:

True Fit