True Fit raises $30m as revenue soars
Fit specialist True Fit has raised new funding with a $30 million cash injection as it also reported impressive revenue growth. The globally-focused data and software firm said it has raised the finance as the $2 trillion apparel market has shifted online rapidly since the pandemic.
The growth investment was led by existing lead investor Georgian, a multi-billion-dollar fintech company that invests in high-growth software businesses. It was joined in the funding round by Jump Capital, Signal Peak Ventures, Intel Capital and new investor Espresso.
This funding will “reinforce True Fit’s expansion while powering major innovations in customer experience and unrivalled data sets for 2022”, it said.
Justin LaFayette, Lead Investor at Georgian described the market in which the company operates as an “exhilarating” one “thanks to its unique dataset and AI” and said it’s happy to be part of the “generational shift to digital”.
This online shift has driven True Fit’s annual recurring revenue (ARR) up 85%, it also said, while consumer adoption has risen 109% across its network. It now serves “82 million active members”. It didn’t give a monetary figure for current revenues.
The company added that its “growth in revenue, retailers and active members points to increasing demand among digital shoppers to seek trusted fit guidance”.
The company’s Fashion Genome is the world’s largest, connected data platform, “fuelling AI-driven models that combine product attribution for 17K brands, $250 billion in cross market buying behaviour, and first-party preference data from over 200 million registered True Fit members”, it said.
Fashion Genome helps brands and retailers personalise the buying experience online and retail clients include Under Armour, Boden and PacSun, with the company saying use of its tech translates to a 2%-5% lift in revenue, driven by a 47% increase in order rate.
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