Today, virtual fitting room Fits.me announced that it has received a Series A investment close to £5 million (roughly $7,761,275). The funding was lead by existing investor SmartCap, with new participation from Conor Venture Partners, Fostergate Holdings Limited and The Entrepreneur’s Fund.
In May 2009 and August 2010, the company received total seed and early-stage investment of just under £1.75m from Smartcap and angel investors, and £0.5m in grants.
Fits.me develops markets and operates virtual fitting room solutions on a software-as-a-service (SaaS) basis for online clothing retailers, helping them to overcome the problems of low online conversion rates and high garment returns rates caused by doubt over fit and poor fit respectively.
The company’s retailers clients, including Adidas, Avenue32, Barbour By Mail, Boden, Ermenegildo Zegna, Hawes & Curtis, Henri Lloyd, Hugo Boss, John Smedley, L.K.Bennett, Mexx, Nicole Farhi, Otto, Pretty Green, Superdry and Thomas Pink.
Fits.me will use the new funding to support accelerated Sales and Marketing programmes – including international expansion into the France, Germany, other EU countries and the USA – and to continue to scale up its Operations to meet predicted demand.
Heikki Haldre, co-founder and chief executive at Fits.me states: “We are in a market that has started to move very quickly as retailers look to overcome their high street difficulties by focusing on online performance. It should be clear to everyone that we mean to do very good business by helping online clothing retailers to solve one of their most pressing problems.”
Fits.me’s virtual fitting room solutions helps boost the revenues and the profitability of online clothing retailers by enabling them to overcome the online fit problem, increasing conversions and reducing garment returns.
Stay tuned for our exclusive interview with the founders of Fits.me!!
By Lolita A. Alford