Fashiontech startup The Fit closes investment round – wants to reduce returns and make e-commerce greener
The Fit, which with a new body scanner technology reduces the number of returns in e-commerce, raises its first external investment of SEK 2.85 million from, among others, Boel Swartling. The Fit also expands its board with former senior executives within Zara and Intel.
The Fit has developed a service that enables users to easily and accurately take their exact body measurements via an app. The app is aimed at e-commerce consumers who want help with size recommendations or ordering made-to-measure products. The result is better fit on ordered goods, which contributes to both the number of returns being reduced and an improved user experience for consumers.
– Today, clothing worth USD 100 billion is returned. It is not uncommon for e-retailers we talk to have return levels of over 50 percent. Of course, it is not sustainable as returns result in huge amounts of CO2 emissions and residual products. Here we have the potential to become an impact unicorn, says Lisa Lindvall, founder and CEO of The Fit.
The company has developed a mobile body scanner technique that enables users to take their exact body measurements with only two images via an app. When users have created their digital “body ID”, they can use it with all e-retailers who are connected to The Fit. The solution is based on proprietary AI modules with advanced computer vision algorithms that work on all smartphones. The ability to reuse their data and the accuracy of the measurement is what makes The Fit unique in the market.
– In the fashion industry, we are seen as enabling-tech, where we can primarily help retailers reduce return costs, and thereby also reduce their negative climate footprint, and improve consumer user experience. The positive effect we create for both the user experience and the environment is what e-retailers appreciate most with our solution, says Lisa Lindvall.
The new money will be used to scale the technical solution and to recruit key personnel, but above all to develop the product. Lisa Lindvall believes that the fashion industry is ready for the next step in digitization.
– The fashion industry is lagging in environmental terms. There needs to be a change in the way retailers work with sustainability, and giving customers better guidance with a personalized shopping experience will definitely be revolutionary. Because the number of returns decreases when using the service, the hope is to make e-commerce more environmentally friendly, says Lisa Lindvall.
With The Fit, Lisa Lindvall also wants to democratize body data. She wants clothes to be adapted to our bodies, not the other way around.
– We can change the entire clothing industry. From having divided people into sizes like small and medium, which can differ a lot between different brands, you can now make purchases based on their unique conditions regardless of size and body type. It will force brands to adapt their products according to what their consumers actually look like. Then there is no need for unnecessary return transportation and overproduction, which later will be sold at reduces prices and eventually even be thrown away, says Lisa Lindvall.
Soon the app will be available and will be free to use for consumers. The Fit plans to expand to the international market by year-end.
The Fit was founded in 2016 and currently has five employees. The company has previously won awards such as “Top Tech” in the Venture Cup where the motivation from the jury read: “The Fit has the potential to revolutionize the retail industry and lower the costly returns of the clothing companies while the solution generates better online experiences and more satisfied customers. This makes The Fit a win-win for both companies and consumers.” Earlier this year, The Fit was also one of the finalists in Di Digitals Female Founders.
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