FITS.ME SECURES SUCCESSFUL SERIES A FUNDING ROUND WITH ENTREPRENEURS FUND
Strata advised Fits.me, the leading provider of virtual fitting rooms and associated technologies to the fashion e-commerce industry, on successfully securing its Series A round of financing led by Entrepreneurs Fund. Entrepreneurs Fund recognises that Fits.me`s solutions best address the single biggest barrier to fashion e-commerce growth: enabling customers to accurately select their size. The seven figure investment enables Fits.me to accelerate the delivery of virtual fitting room services as well as providing additional sales and marketing resources to fuel Fits.me`s growth.
Fits.me has previously received equity investment from the Estonian Development Fund and business angels in Estonia. Andrus Oks, EDF’s representative on Fits.me’s Board, comments: “We congratulate Fits.me on attracting an investor of the calibre of Entrepreneurs Fund. We look forward to contributing further to Fits.me’s success and working closely with the founders of Fits.me and with Entrepreneurs Fund as Fits.me moves into the next phase of growth.”
Apparel e-commerce, which is the largest e-commerce category in terms of value, is one of the smallest in terms of share sold online. According to research by Morgan Stanley, not being able to assure fit is the #1 reason limiting online sales.
Heikki Haldre, co-founder & CEO, comments: “Real customer satisfaction in clothing retail happens when the clothes fit both the body and the customer’s sense of style. Fits.me’s technology provides two fundamental benefits to fashion e-retailers by helping their clients pick the right size. We strengthen their business by increasing sales and reducing returns; and we enhance their brand value by increasing customer satisfaction. Simply put, Fits.me’s Virtual Fitting Room is fundamental to providing superior customer services, and it increase margins.”
Fits.me is the number one virtual fitting room technology, used by more retailers than any other solution. Among the latest retailers to roll out Fits.me’s solution are Ermenegildo Zegna and Thomas Pink (part of LVMH Group). CNBC Business chose Fits.me as one of the Top 20 breakout brands for 2011, and more recently Vogue included Fits.me among the online fashion 100 – the list of the Top 100 most influential names in fashion e-commerce in 2012.
Strata Partners, the London-based investment bank providing capital raising and M&A advice to technology businesses, acted as financial advisors to Fits.me.