Babson Business True Fit Raises $25M
True Fit, footwear and apparel’s discovery platform, announced a $25 million Series B financing from Jump Capital, Signal Peak Ventures, and Intel Capital. The new funding brings total investment in True Fit to $40 million 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 was founded by Babson grads Jessica Arredondo Murphy MBA ‘06 and Romney Evans MBA ’06.
This investment follows True Fit’s recent announcement regarding its mapping of the world’s largest collection of fit, style and consumer preference data into the Genome™ for footwear and apparel. This massive data platform was developed in partnership with the world’s leading fashion retailers and brands to help unlock the digital apparel market, which will soon be $2 trillion globally but is still only 12 percent digital. As the industry’s trusted third-party data platform between retailers, brands and consumers, True Fit has organized and connected the unique relationships between millions of styles from 10,000 brands to the fit and style preferences of over 100 million consumers
Retailer demand for True Fit’s SaaS solution continues to rise sharply as bookings and enterprise retail partnerships tripled again year-on-year. True Fit’s registered user base also continues to grow, already exceeding 20 million and adding 1.5 million new users each month from its expanded presence on 300 million monthly page views across its network. True Fit’s productive community of profitable shoppers, who buy more and return less, will surpass 30 million by the end of the year.
“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.”