Meta acquires Presize, betting on virtual sizing technology

Meta is betting on virtual fitting technology and has acquired Presize, a Munich-based startup specialising in digital size advice for online shopping.

The parent of Facebook, Whatsapp and Instagram is eyeing the Presize’s virtual fitting solutions as a useful tool in augmented reality and metaverse.

Presize was founded in 2019 and gained notoriety when it secured 650,000 euros on the television series The Lion’s Den, the equivalent of the UK’s Dragon’s Den. The company to date has raised two million euros in funding, including from notable industry figures such as Chris Brenninkmeyer, ex-director at C&A, and Christina Rosenberg, a board member at Hugo Boss.

Founded in 2019 by Awais Shafique, Tomislav Tomov and Leon Szeli, Presize offers brands the opportunity to integrate an intelligent sizing system into their offering. Through the phone's camera, customers can quickly scan their bodies, "with an accuracy of 55 percent greater than that of competing offers," says the Bavarian company, which already boasts about fifty customers, including Vero Moda, Pierre Cardin, Keller Sports, Eterna and Vaude.

The goal is to limit the number of purchases that are not converted into real sales on fashion e-commerce and returns. In fact, Presize points out that the conversion rate on sites specialized in clothing is only 2 percent. The company also claims that its solution would make it possible to enrich the average shopping cart of portals by 10 percent.