Having recently gone live on the platform, Kitfit is an exciting technology company looking to turn the retail industry on its head. This disruptor has built from scratch a range of patent-protected technological products that could change the way you shop online. Kitfit has already smashed its minimum funding target having raised well over $250,000 so far. You can invest from as little as $360 and share in the success of this Aussie innovation.
Kitfit’s proprietary technology removes the uncertainty and inaccuracy from shopping to provide consumers with the optimal fitting options, resulting in 10 times the fit accuracy, 20 times more personalisation and 50 times faster shopping experiences! We could talk all day about the technological ecosystem and matching algorithms and AI bot automation and so on, but let’s focus on our top reasons to consider investing in Kitfit.
Solving a massive problem by creating benefits for all
We all know online shopping is the future of the retail industry, already comprising $2.8 trillion in sales globally and forecast to grow to $4.8 trillion by 2021. And yet there are still some major issues.
How many times have you shopped online and had your search query return just a cool 40 pages of items to scroll through and after having picked one, had it arrive and it either doesn’t fit or it’s not what you expected, even though you consulted size charts and previous purchases? Not only does this waste your time (approximately up to 120 hour per year) and on occasions your money, it costs retailers hundreds of billions in returns, loss of brand advocacy and even category abandonment when we give up because it’s all too hard. It also has a terrible environmental impact from the shipping and also all the items that aren't returned that end up in landfill.
This issue of ‘misfit’ and its flow on economical and environmental effects is one that needs to be addressed. Enter Kitfit - innovative, proprietary technology that changes the way you shop. Not only does it make sure your clothes fit better, it also can match you with products based on your personal preferences and interests - narrowing your options down to only the best options. For businesses, the technology can not only save them money but also drive sales and conversions.
Highly scalable technology. Global business from day one
You might have noticed a fair bit of cycling imagery currently in the deal room which will be the first vertical the Kitfit team launches in before it quickly expands into other activewear markets including gym, swimming, hiking, campaign and yoga to name a few. Without even needing an API to connect new retailers, Kitfit’s flexible proprietary technology can be implemented immediately, across markets which means the business can scale quickly and be global from day one. Cycling was just a good place to start, with a passionate community and clothing items where fit is extra important. And let’s face it, if the tech can get it right for skin-tight, aerodynamic, lycra-clad cyclists, then getting it right for a gym t-shirt will be a piece of cake.
Huge social media following
Another exciting part of this company is the team’s incredible marketing prowess. In just 8 months they were able to build and become the No. 1 Instagram account for premium road cycling kits, surpassing a lot of existing giants in the process. They now have over 100k followers reflecting the effectiveness of their network effect strategy, using a combination of influencers, industry professionals and enthusiasts to create viral content. Not only does this bode well for their full product launch and the potential traction, but is also a further sign of how rapidly the team will be able to scale the product into other activewear markets.
A pretty awesome team at the helm
Led by Founder and CEO Andrew Jacobs, the leadership team at Kitfit has been kicking goals for years. Andrew co-founded and grew a New Zealand startup to a listing on the NZX in 2013, ranking as the 62nd fastest growing technology business in APAC in the Deloitte Technology Fast 500 under his leadership.
With a combined 45 years from a range of industries and startups, and 12 years together as a team, Andrew, Joe, Mikkel and David are the perfect people to head up this exciting product. They have worked at startups that have raised significant funding, been acquired and listed. Their experience ranges from Motorola Ventures to News Corp, Yahoo! and Hotels Combined. This history and experience will play an important role in scaling Kitfit to be the global player it can potentially be.
Key strategic partnerships secured
Another exciting part of this investment opportunity is the many partnerships and achievements that Kitfit has already secured. It partnered with cycling retailers Rapha, Biehler, The Heavy Pedal and Cycle Republica during its MVP phase, with 11 brands secured as launch partners and a further 87 on the waitlist for post-launch onboarding.
Kitfit was also granted a $61,000 R&D Tax Incentive, the highly competitive Jobs for NSW MVP grant in 2018 and was included in the Google Startup Program in 2019 alongside only 9 other Australian technology startups. Kitfit went on to win the Customer Solutions Competition at Google.
With this deal well on its way, we’re very excited to see what comes next for this Aussie innovator.
Check out the offer here.
While these are our top reasons to invest, they do not constitute investment advice, so please read through the deal room and offer document yourself. Always consider the risk warning before investing.