Boston — December 8, 2021 — Espresso Capital announced today that it has provided True Fit, the global data and software leader retailers choose to decode fit & size, with a $15 million credit facility. The company will use the capital to make further enhancements to its product and scale its distribution.
“The pandemic has brought massive disruption to the apparel industry,” said William R. Adler, President & CEO of True Fit. “With the shift to digital shopping, we’ve experienced unprecedented demand for our product. Espresso’s facility allows us to make important investments in our business so that we’re better positioned to meet that demand and further optimize our business for growth.”
True Fit is the only platform that solves online fit at scale, serving high-fidelity, trusted experiences for shoppers everywhere. True Fit’s Fashion Genome is the world’s largest connected data platform, fueling AI-driven models that combine product attribution for 17,000 brands, $250 billion in cross-market buying behavior, and first party preference data from over 200 million registered True Fit members. The Fashion Genome underscores exceptional software and data services that brands and retailers use to personalize the buying experience online. This focus on customer experience across leading sites from PacSun to Under Armour to Boden translates to a 2-5 percent lift in revenue, driven by a +47 percent increase in order rate.
“True Fit solves a massive and real pain point for consumers by giving them the confidence that clothing and shoes purchased online will fit,” says Espresso Capital Director, Mark Gilbert. “This drives higher basket sizes at checkout, higher customer satisfaction, and lower return rates. They have a great team and are well positioned to take advantage of the tailwinds bolstering their industry.”
True Fit has nearly doubled its annual recurring revenue since the pandemic began. Adoption of its platform is up 109 percent and the company currently has an active base of 82 million active members.
“Espresso really listens,” said Adler. “They knew what was most important to us and demonstrated great flexibility in their model to create a win-win deal for everyone. They’ve been great to work with and we appreciate that they take a long-term, relationship-first approach to partnering.”
“It’s an exciting time for True Fit,” noted Justin LaFayette, Lead Investor at Georgian, one of the company’s sponsors. “The recent investment allows the team to make major innovations in its Fashion Genome platform and customer experience.”
About True Fit
True Fit is the leading consumer experience platform leveraged by apparel and footwear retailers to decode fit and connect shoppers with only what they love. It has organized the broadest footwear, apparel and consumer data in the world to provide best in class fit recommendations covering the industry’s brands and styles. The platform is leveraged by the world’s leading footwear and apparel retailers, representing 17,000 brands and 82 million active members. True Fit’s data platform underscores exceptional software and data services that brands and retailers utilize to personalize the buying experience online. TrueFit.com
At Georgian, we’re building a platform to provide a better experience of growth capital to software company CEOs and their teams. Georgian’s platform is designed to identify and accelerate the best growth-stage software companies, taking an intelligent, data-first approach to solving the key challenges CEOs face as they grow their businesses. We invest in high-growth companies across North America that harness the power of data in a trustworthy way. Based in Toronto, Georgian’s team brings together software entrepreneurs, machine learning experts, experienced operators and investment professionals. Georgian.io
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.
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