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True Fit closes 55 million dollar investment round

By Danielle Wightman-Stone

17 Jan 2018

Business

True Fit, the data-driven personalisation platform for footwear and clothing, has secured 55 million dollars in a Series C investment round, 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 enable the brand to develop its AI data platform, said True Fit in a statement, as well advance the innovation of its personalised 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 visualisations.

The investment comes on the back of rapid growth for the business, where the company tripled its commercial growth year-on-year in 2017, as well as expand its network of retailers and partners in North America, UK and EU markets, while expanding into new global markets including Asia and South America.

Customers of True Fit includes House of Fraser, Next, Ralph Lauren, Kate Spade, La Redoute, Aldo, Nordstrom, Macy’s, Guess, Clarks, G Star Raw, Bloomingdale’s, Topshop, Lands’ End, and Michael Kors.

Georgian Partners invests in True Fit

“The retail industry is experiencing an exciting and profound shift toward great, personal experiences, and rich, data-driven personalisation is at the core driving the growth,” said William R. Adler, chief executive officer of 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 added: “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.”

Georgian Partners managing director Justin Lafayette, said: “As a trusted partner for the apparel industry, 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.”

Image: courtesy of True Fit - its new headquarters in Boston