True Fit just received additional funds for retail innovation.
The footwear and apparel’s discovery platform announced a $25 million Series B financing from Intel Capital, Jump Capital and Signal Peak Ventures. Total investment in True Fit is now $40 million and it will be used to address rising demand, foster growth and accelerate innovation for retailers worldwide.
True Fit’s investment coincides with another major milestone. It recently mapped the world’s largest collection of fit, style and consumer preference data into a footwear and apparel “Genome.” This large data platform was created in collaboration with some of the world’s leading fashion brands and retailers, and aim to help unlock the digital apparel market, which is projected to reach $2 trillion globally.
To date, True Fit has developed unique relationships between 10,000 brands’ styles and more than 100 million customers’ wardrobe preferences. One hundred to 200 detailed attributes are featured on each piece of clothing and every shoe in the Genome. The real time analytics platform assembles full catalogues of apparel and shoes to match consumers’ fit, personal style and performance needs. Due to the personalized nature of the Genome, customers remain satisfied throughout purchases and retailers experience increased net revenue.
“True Fit has aggregated an unrivaled set of structured data that already is delivering real value to retailers,” said Joe Jenson, vice president and general manager of Intel’s Internet of Things Group (IOTG) retail solutions division. “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.”
Retailer demand for True Fit’s SaaS solution continues to increase each year, with triple the amount of bookings and enterprise retail partnerships. More than 20 million members are registered in the company’s user base and the platform continues to add 1.5 million new users each month.
“True Fit’s best-in-class team has developed an extraordinary platform,” said Jump Capital managing partner Michael McMahon. “It’s changing the way retailers and brands improve the digital shopping experience for consumers, having a meaningful impact on the marketplace.”