Sizing technology company True Fit raises $25 million
July 14, 2016 03:50 PM
True Fit likes the look of its $25 million funding round.
The company, which provides apparel and footwear sizing technology to retailers closed its latest funding round this week. The Series B round was led by venture capital firms Intel Capital, Signal Peak Ventures and Jump Capital, bringing the total raised by True Fit to $40 million.
True Fit’s platform helps shoppers determine whether or not a product is going to fit by asking them a questions about the type of item they’re looking for, their measurements and their size in their favorite brands. True Fit offers personalized recommendations based on fit feedback from millions of consumers and fit specifications from thousands of brands and retailers.
True Fit will use the funds to develop new tools for fashion retailers who want to offer more personalized services.
Apparel and accessories manufacturer Kate Spade, No. 140 in the Internet Retailer 2016 Top 500 Guide, in May 2015 began adding True Fit’s sizing tools to KateSpade.com. Other True Fit retail clients include Macy’s Inc. (No. 6), Nordstrom Inc. (No. 18) and Guess Inc. (No. 278).
True Fit says retailer demand is growing, and independent testing shows the platform delivers a 5% incremental sitewide lift to retailers’ net revenue. True Fit says it has more than 20 million users and estimates that number will surpass 30 million by the end of the year.
“True Fit has aggregated an unrivaled set of structured data that already is delivering real value to retailers,” said Joe Jensen, vice president and general manager, IOTG Retail Solutions Division at Intel Corp.