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Fits.me secures £5m funding

Fits.me, the Estonian firm that provides virtual fitting room technology to etailers, has received £5m worth of investment.

Series A funding has been raised with existing investor SmartCap and new investors Conor Venture Partners, Fostergate Holdings and The Entrepreneur’s Fund.

In 2009 and 2010 the company received initial investment of £1.75m from Smartcap. It will use the new funding to support sales and marketing growth.

Fits.me is also plotting expansion into France, Germany and the US.

The company already works with retailers and brands such as Adidas, Henri Lloyd, Hugo Boss, Superdry and Thomas Pink.

Co-founder and chief executive Heikki Haldre said: “We are in a market that has started to move very quickly as retailers look to overcome their high street difficulties by focusing on online performance. 

“It should be clear to everyone that we mean to do very good business by helping online clothing retailers to solve one of their most pressing problems.”

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