Fit specialist True Fit has secured $30 million in funding and experienced substantial revenue growth. The funding round, led by prominent fintech company Georgian, included participation from Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Espresso. This influx of capital will support True Fit’s expansion plans and enable the development of new customer experiences and data sets for 2022.
Justin LaFayette, the lead investor from Georgian, expressed excitement about being part of True Fit’s market and praised its unique dataset and AI capabilities. He acknowledged the digital transformation happening in the industry and the potential for True Fit to be a part of it.
During the pandemic, True Fit experienced a significant boost in revenue due to the accelerated shift toward online shopping. Its annual recurring revenue has increased by 85%, and consumer adoption has risen by 109% across its network. This growth is indicative of the growing demand for trusted fit guidance among digital shoppers, as True Fit now serves 82 million active members.
One of True Fit’s main offerings is the Fashion Genome, which is the world’s largest connected data platform. This platform powers AI-driven models that analyze product attributes for 17,000 brands, $250 billion in cross-market buying behavior, and first-party preference data from over 200 million registered True Fit members. By leveraging the Fashion Genome, brands and retailers can personalize the online buying experience. Retail clients such as Under Armour, Boden, and PacSun have reported significant increases in revenue and order rates when utilizing True Fit’s technology.
With the rapid shift of the $2 trillion apparel market toward digital channels, True Fit has significant opportunities for growth. This recent funding round positions the company well to continue driving innovation in the industry and meet the increasing demands of digital consumers.
Useful Links:
1. True Fit Website
2. Georgian Partners Website
