True Fit, a data-driven footwear and apparel discovery software platform, announced Wednesday that it has raised a 25 million dollars Series B round from Intel Capital, Signal Peak Ventures and Jump Capital.
“It’s an exhilarating time at the intersection of fashion and data science. We’re so pleased the True Fit platform is unlocking digital growth in the footwear and apparel market for so many leading retailers,” said William R. Adler, CEO, True Fit. “We’re thrilled to be supported by the incredible investors at Jump, SPV and Intel Capital, who share our vision that it should be just as simple to buy shoes and clothing digitally as it is to buy books, music, movies, and consumer electronics.”
The new funding brings total investment in True Fit to 40 million dollars and it will be used to serve rising demand and growth, as well as to drive continued innovation for retailers across all channels.
True Fit's platform aims to help apparel and footwear shoppers find the right fit through its "Confidence Engine" and also gives them a way to receive highly personalised recommendations through its "Discovery Engine." The platform works by being fed data on the measurements and other specifications of clothing and footwear from 10,000 partnering brands — including New Balance and Michael Kors — and uses machine learning algorithms to make those recommendations.
Bill Adler, True Fit's CEO, told’ BostInno’ that there are 20 million people registered on the True Fit platform, which appears on the websites of online retailers like Nordstrom and Kenneth Cole.
"The footwear and apparel market, it’s becoming a 2 trillion dollars market. It’s a massive market," Adler said. "It’s much bigger than music and books, and at the same time those other categories have really successfully transitioned to digital."
“True Fit’s best-in-class team has developed an extraordinary platform,” said Michael McMahon, Managing Partner, Jump Capital. “It’s changing the way retailers and brands improve the digital shopping experience for consumers, having a meaningful impact on the marketplace.”