True Fit completes $55m series C funding round
True Fit, the data-driven personalisation platform for footwear and clothing, has secured $55m investment in series C funding round led by Georgian Partners.
The investment, in which existing investors Jump Capital, Signal Peak Ventures, Intel Capital along with new investor Cross Creek Capital, also took part will enable the business to develop its AI data platform, as well as advance the innovation of its personalised style, fit, and analytics solutions.
It will also expand its offerings to include more robust open APIs, new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylist, and enhanced visualisations.
True Fit says its understanding of consumer preferences and garment attributes help retailers to better personalise all touchpoints of the consumer journey from search & display, to on site discovery and inspiration, to conversion confidence and return reduction, reengagement with personalised emails, retargeting, chat and voice applications, and new in store experiences. Its analytics and insights help retailers and brands "make smarter merchandising, marketing, and manufacturing decisions".
The investment comes on the back of a period of rapid expansion for the business which tripled growth in financial year 2017 and has expanded its presence to more than 200 major retail sites globally, in the US, UK, Europe, Asia and South America. Customers include Macy's, Next, Kate Spade, Clarks, Topshop and Ralph Lauren.
True Fit CEO William R Alder said the retail industry was "experiencing an exciting and profound shift toward great, personal experiences, and rich, data-driven personalisation is at the core driving the growth. We are grateful to steward this special data collective on behalf of thousands of brands and the world’s leading retailers, while supporting them with the innovative tools required to successfully compete.”
"And we’re thrilled to welcome Georgian Partners our investor group and Board of Directors. The Georgian team is extraordinary, and their thesis for building the world’s best AI driven data platforms makes this a very natural partnership. This round and their leadership underscores and accelerates our vision to be the intelligence inside every footwear and apparel shopping experience," Alder added.
Georgian Partners managing director Justin Lafayette said True Fit has developed a "truly unique dataset". “We’re very excited to be partnering with what is a world-class team to help further develop their applied AI capabilities," he said.