CPE Media News – True Fit, the retail industry’s data-driven personalization platform for apparel and footwear, has completed a US $55 million Series C investment, led by Georgian Partners with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Cross Creek Capital.
True Fit intends to use new funding to
- further develop True Fit’s personalized style, fit, and analytics solutions.
- help retailers and brands expand their growth even further, True Fit is making its APIs available to the broad ecosystem of retail service providers.
- grow its vast network of retailers and partners beyond North America, the United Kingdom and European markets to new global markets including Asia and South America.
In 2018, an important tipping point will be reached when, for the first time, more than half of apparel and footwear sales will originate outside of Europe and North America, as the main sources of growth are emerging market countries across Asia-Pacific, Latin America and other regions.
We’re excited to expand our Genome data collective, our relationships with brands and retailers, and our services into these new markets to help consumers find the products they love and keep.
photo credit: True Fit
News Release
True Fit Closes $55 Million Series C Investment
Georgian Partners leads growth financing as True Fit’s Genome® Platform and data collective become the intelligent data layer for personalizing the world’s largest consumer vertical
BOSTON–(BUSINESS WIRE)–True Fit, the retail industry’s data-driven personalization platform for apparel and footwear today announced a new $55 million Series C investment, led by Georgian Partners with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Cross Creek Capital.
The new funding will further develop True Fit’s robust AI data platform, as well as advance innovation of its personalized style, fit, and analytics solutions. It will also expand the company’s offerings to include more robust open APIs, new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylists, and enhanced visualizations.
The investment underscores the rapid growth of True Fit’s vast network of retailers and partners in North America, UK and EU markets, while expanding into new global markets including Asia and South America.
To help retailers and brands expand their growth even further, True Fit is also making its APIs available to the broad ecosystem of retail service providers. True Fit’s unique understanding of consumer preferences and garment attributes helps retailers to better personalize all touchpoints of the consumer journey from top-of-funnel search and display, to on site discovery and inspiration, to conversion confidence and return reduction, reengagement with personalized emails, retargeting, chat and voice applications, and new in-store experiences. Rich analytics and insights from True Fit help retailers and brands make smarter merchandising, marketing, and manufacturing decisions.
True Fit’s Series C financing comes at a time of hyper growth for the company. The company tripled its commercial growth YoY in 2017, seeing its presence top 200 major global enterprise retail sites, while in parallel the network of registered users surpassed 55 million.
“The retail industry is experiencing an exciting and profound shift toward great, personal experiences, and rich, data-driven personalization is at the core driving the growth,” said William R. Adler, CEO, True Fit. “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.” Adler continued, “We’re thrilled to welcome Georgian Partners to 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.”
“As a trusted partner for the apparel industry, True Fit has developed a truly unique dataset,” said Justin LaFayette, Managing Partner, Georgian Partners. “We’re very excited to be partnering with what is a world-class team to help further develop their applied AI capabilities.”
For more information about True Fit, visit: www.truefit.com.
About True Fit
True Fit is a data-driven personalization platform for footwear and apparel retailers. True Fit hosts the industry’s most comprehensive data collective in the nearly $2 trillion global apparel and footwear industry – the largest consumer vertical – by connecting manufacturing design data from thousands of leading apparel and footwear brands, anonymized consumer order data from hundreds of top retailers, and personal preference data from tens of millions of registered True Fit users. Using advanced AI technology, True Fit maps the detailed style, fit, and technical attributes from clothes and shoes to the detailed preferences of millions of individual shoppers. This allows retailers and brands to provide consumers with unparalleled personalization via software-as-a-service, including personal style rankings, fit ratings, size recommendations, fit details, and merchandising analytics. Follow us on LinkedIn, Facebook, YouTube, and @TrueFit on Twitter.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies exploiting applied artificial intelligence, security first and conversational business. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages our global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
Contacts
Racepoint Global for True Fit
Amanda Nadile, 617-624-3244
truefit@racepointglobal.com