BOSTON--(BUSINESS WIRE)--True Fit, footwear and apparel’s discovery platform, today announced a $25 million Series B financing from Jump Capital, Signal Peak Ventures, and Intel Capital. The new funding brings total investment in True Fit to $40 million and it will be used to serve rising demand and growth, as well as to drive continued innovation for retailers across all channels.
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 percent digital. As the industry’s trusted third-party data platform between retailers, brands and consumers, True Fit has organized 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 personalized 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 percent 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. True Fit’s productive community of profitable shoppers, who buy more and return less, will surpass 30 million by the end of the year.
“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 personalization services from a unified data platform across all devices and channels.
“True Fit has aggregated an unrivalled 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 Corporation. “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.” Investment Director Sanjit Dang led the investment for Intel Capital.
About True Fit
True Fit is footwear and apparel’s discovery platform. It has organized the largest platform of apparel and footwear data through its partnerships with thousands of top brands, the world’s leading retailers, and millions of consumers. True Fit mapped the first-ever Genome™ for footwear and apparel, which helps retailers and brands unlock digital growth in the nearly $2 trillion footwear and apparel industry. True Fit's Genome powers its award-winning Confidence Engine™, allowing retailers to provide highly personalized fit ratings and size recommendations to shoppers, resulting in dramatic increases to net revenue. True Fit is also helping to unlock digital growth with its Discovery Engine™, which allows retailers to curate highly personalized collections to each consumer, as well as True Insight™, which provides retailers and brands unparalleled insights to optimize marketing, merchandising and product development. Consumers who use True Fit buy more, and return less: through several A/B tests conducted by independent expert firms like Brooks Bell, True Fit continually demonstrates a 5 percent incremental site-wide lift to retailers’ net revenue. Follow us on LinkedIn, Facebook, YouTube, and @TrueFit on Twitter.
About Jump Capital
Jump Capital is a Chicago-based venture capital firm specializing in expansion stage and growth capital investments. Led by a team of experienced operating executives, Jump Capital takes an opportunistic, long-term approach to investing. Jump seeks investment opportunities ranging from $2 million to $15 million in scalable technology businesses with compelling leadership teams across a wide breadth of industries including enterprise technology, marketing, healthcare, data security and financial services. For more information, visit www.jumpcap.com.
About Signal Peak Ventures
Signal Peak Ventures is a venture capital firm based in Salt Lake City, Utah. The firm invests in innovative software companies and looks for entrepreneurial teams with the potential to transform markets and create lasting value. Specific areas of focus include Internet, SaaS, enterprise software, security, and mobile computing. For more information, please visit www.spv.com.
About Intel Capital
Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,445 companies in 57 countries; in that timeframe, 595 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.