The provider of virtual fitting room solutions Fits.me has closed a new round of investment by which it involved additional capital in the amount of 5.5 million euros.
Fits.me takes in EUR 5.5 mln from investors
20th April 2013, 14:29
Please note that the article is more than five years old and belongs to our archive. We do not update the content of the archives, so it may be necessary to consult newer sources.
It said the Series A investment has been subscribed by existing investor SmartCap, with new participation from Conor Venture Partners , Fostergate Holdings Limited and The Entrepreneur's Fund.
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.
Fits.me will use the new funding to support accelerated sales and marketing programs – 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.
"While large swathes of retailing already takes place online, there are sectors for which the real online growth has yet to come. Apparel is chief among those sectors, primarily because buying clothes is such a subjective process – most obviously when it comes to 'fit'," said Manu Makela of Conor Venture Partners.
Makela said Fits.me has a sophisticated solution that works, delivers provable results, is easy for retailers to deploy and has been signed up by a growing band of respected retailers and brands, on an international basis. "From an investor's point of view, there is tremendous growth potential," he added.
Fits.me counts many well-known retailers among its 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.
Previously, in May 2009 and August 2010, Fits.me received total seed and early-stage investment in the total amount of 2.5 million euros.