SmartCap et al. in £5m round for Fits.me

Fits.me will direct the fresh funding towards the acceleration of its sales and marketing programme, which will expand into Europe and the US.

Entrepreneurs Fund and Fostergate are part of Cofra Holdings, owners of global retailer C&A.

Previous funding
SmartCap and several angel investors committed £1.75m to the firm across investment rounds in 2009 and 2010.

Company
Launched in 2010 and based in London, Fits.me provides software-as-a-service (SaaS) to online fashion retailers. The firm's virtual fitting room allows buyers to try on outfits online, using robotic mannequins with artificial muscles that enable it to mimic any body shape. The SaaS aims to increase conversions and reduce garment returns for e-commerce sites.

Fits.me's data suggests that conversion rates improve by 62% compared to shoppers using a traditional size chart, as well as a reduction in returns of 77%.

The company employs 50-100 members of staff.

People
Manu Mäkelä is a partner at Conor.

Advisers
Equity – Strata Partners, Carlos Serra, Robert Lees (Corporate finance); JagshawBaker, James Shaw, Susanna Stanfield (Legal).

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• Topics
• UK / Ireland
• Technology
• Expansion
• United Kingdom