Fit and size software platform True Fit has announced a 30 million dollar growth round today as it reports a significant increase in revenue over the last year.
The data platform, used by shoppers for fit recommendations across multiple brands, reported an 85 percent growth in its annual recurring revenue, alongside a consumer adoption increase of 109 percent throughout its network. Now with 82 million active members, the company suggests the rise is due to increasing demand for trusted fit guidance.
The additional 30 million dollar investment was led by True Fit’s lead investor Georgian, which was joined by four other investors, including new investor Espresso.
The funding will go towards True Fit’s expansion and its ongoing developments in customer experience and data sets for 2022.
According to the company, its Fashion Genome fuels artificial intelligence (AI) models that combine product attribution for 17,000 brands. The software enables retailers to personalise buying experiences online, a feature that has already been implemented into e-commerce for the likes of PacSun and Under Armour.
“We’re inspired by this moment,” said True Fit’s president and CEO, William R. Adler, in a statement. “Consumers are in the midst of a generational shift to digital shopping. Apparel brands and retailers are rapidly partnering with True Fit to make their customer experience excellent. We’re thrilled to help unlock growth in apparel - the last huge consumer category to go digital.”