Personalisation platform True Fit says the additional $30m of growth investment was led by lead investor Georgian, a multi-billion-dollar fintech company that invests in high-growth software businesses.
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, the company says.
The consumer experience platform is leveraged by apparel retailers to decode fit and its Fashion Genome is said to be the world’s largest, connected data platform, fuelling artifical intelligence (AI) driven models that combine product attribution for 17,000 brands, $250bn in cross-market buying behaviour, and first-party preference data from over 200m registered True Fit members.
The new investment comes as True Fit’s annual recurring revenue (ARR) grew 85%, and consumer adoption in parallel rose 109% across its network, which now serves 82m active members.
True Fit president and CEO William Adler says: “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.”
Figures released by True Fit earlier this year showed fashion retailers are starting to become more size-inclusive and think about sizing in a wider continuum thanks to a rise in the mid-size demographic.
Original insight from the Fashion Genome showed a growth in mid-sizes (UK 12-18) amongst shoppers. Globally, 38% of female True Fit users are mid-size, rising to 42% of women in the UK and 39% in the US, while in Europe this is slightly lower, with 30% of women represented by those within the mid-size range.