Fitbay, a Copenhagen, Denmark-based discovery platform that aims to solve the problem of buying clothes online in the wrong size or style, closed a $2m seed funding round.
The round was led by New York-based Steadfast Venture Capital and Stockholm-based VC firm Creandum.
The company, which 6 months ago closed a $400k angel round with Jesper Buch (Founder of Just-Eat) and Creandum (read here), intends to use the funds to grow both the product team in Copenhagen and the commercial team in New York, and to develop the product and available features even further.
Founded in 2013 by Christian Wylonis, CEO, and launched in March 2014, Fitbay aims to remove the “will-it-won’t-it fit experience” from online clothes shopping by connecting users with similar body types and style preferences, sorting them into groups so that information on fit and particular brands can be shared with other users who have similar body shapes and tastes. This crowd-sourced feedback allows the platform to provide its users with a personalised feed of products that will both fit and flatter their unique body type – all without having to input measurements. Users can also follow their “body doubles”, sharing tips and inspiration with others who will have similar experiences with the style, fit and sizing of different brands.
The company, has also launched its new iOS app, currently has a database of over 2 million items of clothing accessible to the Fitbay community.
The business revenue model is based on commission paid by retailers on purchases made via Fitbay.
FinSMEs
12/06/2014