Accelerates Mission to Unlock Digital Growth in $2T Apparel Market by Helping Shoppers Find What They Love & Retailers What They Need
BOSTON, Dec. 6, 2021 /PRNewswire/ -- True Fit, the global data and software leader retailers choose to decode fit and size, announced a $30 million growth round today. As the $2 trillion apparel market shifted online rapidly since the pandemic, True Fit's annual recurring revenue (ARR) grew 85%, and consumer adoption in parallel rose 109% across True Fit's network, which now serves 82 million active members. True Fit's growth in revenue, retailers and active members points to increasing demand among digital shoppers to seek trusted fit guidance.
True Fit is the only platform that solves online fit at scale, serving high-fidelity, trusted experiences for shoppers everywhere. True Fit's Fashion Genome is the world's largest, connected data platform, fueling AI-driven models that combine product attribution for 17K brands, $250 billion in cross market buying behavior, and first party preference data from over 200 million registered True Fit members. The Fashion Genome underscores exceptional software and data services that brands and retailers use to personalize the buying experience online. This focus on customer experience across leading sites from PacSun to Under Armour to Boden translates to 2-5% lift in revenue, driven by a +47% increase in order rate.
William R. Adler, True Fit's President & CEO, commented: "We're inspired by this moment. 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."
The additional $30 million of growth investment was led by True Fit lead investor Georgian, a multi-billion-dollar fintech company that invests in high-growth software businesses that leverage data in powerful ways. Georgian was joined by Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Espresso, a leading venture debt fund. The funding will reinforce True Fit's expansion while powering major innovations in customer experience and unrivalled data sets for 2022.
Justin LaFayette, Lead Investor at Georgian, noted, "True Fit is the leading provider in this exhilarating market thanks to its unique dataset and AI. We're excited to be part of this generational shift to digital, and to help bring True Fit's world-class solution to scale."
About True Fit
True Fit is the leading consumer experience platform leveraged by apparel and footwear retailers to decode fit and connect shoppers with only what they love. It has organized the broadest footwear, apparel and consumer data in the world to provide best in class fit recommendations covering the industry's brands and styles. The platform is leveraged by the world’s leading footwear and apparel retailers, representing 17,000 brands and 82 million active members. True Fit's data platform underscores exceptional software and data services that brands and retailers utilize to personalize the buying experience online.
SOURCE TRUE FIT