US-based retail software developer True Fit has secured $15m in equity funding from investors including Novel TMT, the corporate venturing subsidiary of telecommunications company Novel Group.
Venture capital firms Signal Peak Ventures, Promus Ventures and Jump Capital co-led the round, which also included Guggenheim Partners and Breakaway Ventures. Novel TMT, like Guggenheim and Breakaway, took part in the round as an existing investor.
True Fit uses retail data to personalise the shopping experience, helping consumers find clothing and footwear online that fit properly and flatter the individual’s size and style, minimising returned items.
Working with more than 1,500 brands, True Fit secured some five million new users in 2014, and claims it is attracting more than 500,000 new users each month.
True Fit co-founder Romney Evans said: “Consumers trust True Fit as the standard to help them confidently purchase apparel and footwear digitally. With that confidence comes discovery, and that is where we’re helping to expand markets for our retail partners. We are on target to exceed 15 million users in 2015.”
The series A round followed a $2.5m seed round closed in April 2011 which was followed by another $4.5m three months later, according to regulatory filings.