Tuesday, 21 July 2015

Fits.me is Acquired by Rakuten

Fits.me is a London based Estonian start-up. Fits.me was created with a vision to reinvent the wheel of online clothing retail, by making it easier for buyers to figure out what actually fits them before clicking to purchase apparel. Fits.me works as a virtual reality fitting system, where users are required to enter a set of their body measurements in order to pull up the correct images from Fits.me’s database, giving the user the ability to confirm, without ever stepping in store, that the clothing item to be purchased would be a perfect fit. The images are created by robotic mannequins that expand or contract to give thousands of body dimension permutations.

The company has been successful in acquiring several major customers for its clothing fit services. SaaS recommendation to date include Adidas, Avenue32, Barbour By Mail, Boden, Ermenegildo Zegna, Hawes & Curtis, Henri Lloyd, Hugo Boss, John Smedley, L.K.Bennett, Mexx, Nicole Farhi, Otto, Pretty Green, Superdry, Thomas Pink and a host of others.

On the 13th of July 2015, Rakuten, a foremost Japanese e-commerce and e-finance group announced 100% stake acquisition of Fits.me. Prior to the acquisition, Fits.me which was founded in 2010, had already realised $14.3 million in three rounds of funding:
     Seed: Sept 22, 2010 (USD 1.8M) - Estonia Development funds.
     Series A: April 17, 2013 (USD 7.2M) - (Cornor Ventures, Entrepreneurs Funds, Fostergate Holdings, SmartCap AS).
     Series B: Oct 13, 2014 (USD 5.3M) - (Entrepreneurs Fund, SmartCap AS, James B Gambrell).

Initially, Rakuten was approached to make an investment in Fits.me, however, the Japanese company decided instead to make an outright offer for the company. Fits.me agreed to this proposal because, in the words of the CEO of Fits.me, James B. Gambrell, “It is the right partner. Rakuten is on the look out for ways to be creative to achieve success. We help connect the dots by providing value to different parts of the organization.
Amoo Venture Capital Advisory (Amoo) is privileged to have been able to contribute to Fits.me’s market domination by providing operations support, mentorship and strategic guidance in 2010 - yet another success story. This led to Amoo receiving a letter of recommendation from the Estonian House of Parliament, for its contribution to the Estonian startup scene. As they say in Estonia, Palju õnne! 


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