Footwear and apparel discovery platform True Fit announced Tuesday it had secured $25 million in series B funding.
Investment comes from Jump Capital, Signal Peak Ventures, and Intel Capital, bringing total investment in True Fit to $40 million. The company says the funds will be used to serve rising demand and growth, as well as to drive “continued innovation” for retailers across multiple channels.
True Fit, which currently boasts a database of millions of styles from over 10,000 brands, said demand for its services continues to rise, with bookings and enterprise retail partnerships tripling year-over-year. True Fit’s registered user base also continues to grow, already exceeding 20 million. The company says its currently adding 1.5 million new users each month.
“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 says 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 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 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.”