Fitbay, the discovery platform that solves the problem of buying clothes online in the wrong size or style, has closed a $2 million USD seed funding round, lead by New York-based Steadfast Venture Capital and Stockholm-based VC firm, Creandum, an early investor in Spotify.
This $2 million USD investment comes just 6 months after Fitbay closed an angel round with Jesper Buch (Founder of Just-Eat) and Creandum. The latest funding will be used 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. This announcement also coincides with the launch of Fitbay’s new iOS app, which allows users to share pictures of themselves with their network of ‘body doubles’, and actually see how items of clothing fit other people with a similar body shape and size to their own.
Fitbay is one of many startups focused on fixing the “sizing issues” within e-commerce. Fitbay claims that 40% of all clothes sold online are returned due to incorrect sizing, which frankly is an astonishing number. Big problem, check. Big market, check. Now, whilst there are many players innovating in the space, including Stockholm-based Virtusize – Fitbay have decided to take a different approach.
To make sure sizing is “never an issue” – Fitbay will only show users items that already fit them. When signing up for the service, users are required to enter a variety of sizing dimensions. In addition Fitbay will draw size conclusions by looking at other users with a similar body shape.What this means is that each unique customer is shown a store, customised especially for them.
Martin Hauge, General Partner at Creandum, comments:
“We are proud to back Fitbay for the second time within 6 months. The user growth and engagement have been exceptional, and we have high hopes for what Fitbay can become. I believe that Fitbay is the next Spotify.”
“The user growth and engagement have been exceptional, and we have high hopes for what Fitbay can become. I believe that Fitbay is the next Spotify.”
Fitbay is available as an iOS app and you can download it here.