True Fit on Wednesday announced $25 million Series B financing from three major investors to expand the True Fit Genome, according to a company news release.
This second round of funding, led by Jump Capital, Signal Peak Ventures and Intel Capital, brings True Fit’s investment total up to $40 million.
True Fit CEO William R. Adler spoke at this year’s FN Summit in June and discussed how the True Fit Genome platform — the world’s largest collection of fit, style and consumer preference data — works to solve the footwear industry’s major challenges with shoe returns.
The Genome is a collaborative web platform that gathers its data from 100 major retailers and 10,000 brands. It brings together brand data and consumer data to help retailers optimize their shoppers’ online buying experience. Retailers who currently partner with True Fit include department stores such as Nordstrom, Macy’s and Lord & Taylor, as well as shoe brands including Cole Haan, Sperry and Stuart Weitzman.
“We’ve got to get people to feel confident to branch out,” Adler said at the FN Summit. “Insights make for some really great growth and happy customers.”
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Adler referred to True Fit as a “translation software,” noting how its user-informed platform has allowed the company to alert retailers on how to improve their websites and make recommendations to brands on which products customers want to see adjustments in.
“Ultimately, it’s about discovery — capture why people buy, keep and wear things, and that’s really where this is going,” he said.
By mapping data on gender, size, purchase affinity and other attributes, True Fit works to catalog a shopper’s distinct taste and curate the clothing and footwear they already appreciate, all the while generating new styles he or she might be interested in.
“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,” Adler said in the news release.
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