A Stockholm-based tech firm, Volumental, has seen a capital rise of 13 million dollars to support its global expansion and product development. The company utilises 3D scanning and data tools to aid shoppers in selecting the right fit of footwear before they purchase online.
Its range of FitTech tools includes retailer scanning, mobile scanning, personalised recommendations and digital marketing, with the company stating that almost 100 brands and retailers have leveraged the products through mobile devices.
Hoka One One, New Balance and Canada Goose are among the company’s clients, with the latter implementing the technology into the launch of its first footwear collection.
In a release, co-founder and CEO of Volumental, Alper Aydemir, said: “The opportunity in FitTech is massive. Size and fit still remain as one of the last big unsolved problem areas for shoppers and brands. More and more retailers realise this and want to provide a smoother experience. We’re seeing this from many of the companies we work with in the US, where we continue to grow at a rapid rate, as well as in the European and Asian markets we’re expanding into.
“To meet this demand, we’ll continue to scale our products and onboarding, as well as attract and invest in sales, marketing, computer vision and AI [artificial intelligence] experts to further develop our proprietary FitTech solutions.”
The financing was led by CNI, a private equity firm based around creating sustainable shareholder value as a business scales. It was joined by a number of other partners and investors in the financing round, including newcomers Backstage Invest.