Fitbay raises $2m seed round

Existing backer Creandum also contributed to the round. 

The fresh funding will support new hires across the product team in Copenhagen and the commercial team in New York. The capital will also be used to boost product development.

Previous funding
In February 2014, Creandum committed $400,000 to the company alongside Jesper Buch, founder of Just Eat. The round was designed to support the firm's initial product development efforts.

Company
Founded in 2013 and launched in March 2014, Fitbay is a social network for online clothes shopping that allows users to view clothes that will fit their size and shape. According to Credit Suisse research cited by the company, 40% of online clothing purchases are returned. Using its platform, Fitbay crowd sources size and fit information so as to display clothes that will properly fit each user. It does not require users to input measurements, instead encouraging users to post photographs of themselves and find "body doubles", which they are able to follow for clothing recommendations. Its platform is supported by a database of more than 2 million items of clothing.

Based in Copenhagen, the company's platform is now available as an open beta on the internet and iOS. Fitbay has a commercial office in New York, with 40% of users based in the US. The company generates revenues based on commission paid by retailers upon sales via the platform.

People
Martin Hauge, general partner at Creandum, worked on the deal.

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• Topics
• Nordics
• Technology
• Early-stage
• Creandum
• Denmark