On Monday, Personalization platform provider True Fit announced it had closed on $55 million of series C funding.
The funding round was led by Georgian Partners, along with participation from the existing investors that included Jump Capital, Signal Peak Ventures and Intel Capital. New investor Cross Creek Capital also participated in the round.
“The new funding will further develop True Fit’s robust AI data platform, as well as advance innovation of its personalized style, fit and analytics solutions,” the company said in a statement. “It will also expand the company’s offerings to include more robust open APIs, new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylists, and enhanced visualizations.”
According to the company, the financing comes at a time of “hyper growth for the company.” Although it did not release sales data, True Fit said its “commercial growth” tripled year-over-year in 2017. Its platform is on more than 200 global e-commerce sites and is composed of more than 55 million consumer users. The company said the investment “underscores the rapid growth of True Fit’s vast network of retailers and partners in North America, U.K. and E.U. markets, while expanding into new global markets including Asia and South America.”
True Fit said to accelerate deployment of its personalization technology, it is making “its APIs available to the broad ecosystem of retail service providers.” The company said it has a unique understanding of “consumer preferences and garment attributes” that can help retailers “personalize all touch points of the consumer journey from top-of-funnel search and display, to on site discovery and inspiration, to conversion confidence and return reduction, reengagement with personalized e-mails, retargeting, chat and voice applications and new in-store experiences.”
Subsequently, the data analytics and insights generated from the company’s platform can “help retailers and brands make smarter merchandising, marketing and manufacturing decisions.”
William R. Adler, chief executive officer of True Fit, said the retail industry is experiencing “an exciting and profound shift toward great, personal experiences and rich, data-driven personalization is at the core driving the growth.”