PRESS RELEASE:
True Fit Adoption Accelerates as Consumers Gain Confidence Buying Clothing and Shoes Online
WOBURN, Mass.–(BUSINESS WIRE)–January 13, 2015–
True Fit, the leading retail SaaS company helping consumers discover apparel and footwear styles that fit and flatter, today announced strong growth in 2014 and a $15 million growth equity round.
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. Jessica Murphy, True Fit co-founder said, “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.”
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.
True Fit recently completed a $15 million growth equity round led by Signal Peak Ventures, Promus Ventures and Jump Capital, with participation from existing investors Guggenheim Partners, Breakaway Ventures and Novel TMT. “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 William R. Adler, CEO.
About True Fit
True Fit is a retail SaaS company. Its Discovery Engine™ helps consumers find brands and new styles that fit and flatter. The company provides personalized recommendations powered by fit data from millions of consumers and a network of more than 1,500 brands and leading retailers. True Fit also provides rich insights to partnering retailers and brands, which leverage these insights to inform marketing, merchandising and product development decisions. True Fit is the winner of 3 MITX Innovation Awards: Best Consumer Tech that Makes Life Easier, Best Analytics / Business Intelligence and Best UX; and was selected Best of Web by InStyle Magazine. Consumer Reports named True Fit its favorite fit technology. For more information about True Fit, follow us on LinkedIn, Facebook, YouTube and @TrueFit on Twitter.
Racepoint Global for True Fit
Leanne Pinault, 617-834-7521
truefit@racepointglobal.com
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