True Fit, an online service used by dozens of athletic and outdoor brands and retailers to helps consumers find apparel and footwear styles that fit them best, has completed a $15 million growth equity round.
The round was led by Signal Peak Ventures, Promus Ventures and Jump Capital, with participation from existing investors Guggenheim Partners, Breakaway Ventures and Novel TMT.
True Fit's “Discovery Engine” provides personalized recommendations
powered by fit data from millions of consumers and a network of more
than 1,500 brands and retailers, including dozens of athletic and outdoor apparel and footwear brands and retailers. True Fit also provides rich
insights to partnering retailers and brands, which leverage these
insights to inform marketing, merchandising and product development
decisions.
“We are thrilled to be backed by venture capitalists steeped in scaled success across SaaS, retail and fashion, and data analytics, both as operators and investors,” said True Fit CEO William R. Adler.
In 2014, True Fit doubled the world’s largest collection of fit data, supporting personalized recommendations for millions of styles across more than 1,500 top apparel and footwear brands.
“We’re pleased to be the trusted data platform for fit in the apparel and footwear industry, and we’re thrilled to successfully connect millions of consumers to new brands and styles at their favorite retailers” said True Fit co-founder Jessica Murphy.
Harnessing data with a simple user experience has translated into increased consumer confidence. Conversion rates for True Fit users are 3-6X higher than that of retailers’, and consumer adoption of True Fit’s service is soaring. True Fit surpassed five million new users in 2014 and added over 1.2 million new users during the 2014 holiday season alone. It is also now adding more than a half million new users per month, a 4X increase year over year. “Consumers trust True Fit as the standard to help them confidently purchase apparel and footwear digitally,” said True Fit Co-founder Romney Evans. “With that confidence comes discovery, and that’s where we’re helping to expand markets for our retail partners. We’re on target to exceed 15 million users in 2015.”
True Fit demand has risen sharply, serving over 75 million personal recommendations and more than 105 million page views per month, a 500 percent increase from a year ago. New bookings for True Fit’s Discovery Engine with the world’s leading retailers have tripled, and True Fit’s longtime partners have expanded 3.5X during this period. True Fit attributes the growing demand to a simple and unified user experience for both apparel and footwear, and to driving material growth for its retail partners in market. Retailers operating with True Fit’s software see an average of 4.5 percent increase in net incremental revenue, driven by massive lifts in conversion to sale and significant declines in returns.
“We’ve honed a proven formula, which delights consumers and drives real growth for retailers and brands. It’s an exciting time as we help open up the $1 trillion apparel and footwear market with our partners. We’re also pleased to expand our top-notch team to meet the growing demand,” said William R. Adler, CEO.
True Fit announced several key executive hires to support scaled growth, including: Chuck Badavas, chief financial officer, former CFO of Rakuten USA; Chris Moore, chief analytics officer, former MIT astrophysicist and data science leader from ProfitLogic (acquired by Oracle), the Broad Institute (MIT/Harvard collaboration), TransForm (acquired by J&J), and most recently venture-backed CargoMetrics; and Vince Beese, chief revenue officer, former CRO of CheetahMail, the number one email service provider for retailers, and Live Person, the number one live chat for retailers.
