Kitfit is a revolutionary retail technology company founded by a deeply experienced management team. It provides proprietary software that results in an online shopping experience that is 50 times faster, 20 times more personalised and 10 times the fit accuracy of existing systems. The company is addressing the issue of misfit - whereby customers return goods that aren’t right - a problem that is costing retailers hundreds of millions each year in returns, loss of brand advocacy and category abandonment.
Kitfit is initially targeting the cycling vertical given how important correctly fitting kit is. The team have impressively built a massive social media following of over 100,000 Instagram followers, making Kitfit the largest global cycling kit community on the app. And they did this in just 8 months before even launching the app.
The company is led by an impressive team with decades of experience in fast-growing tech companies such as HotelsCombined and Yahoo. They also have five acquisitions and one stock market listing between them, making them well versed in scaling startups.
The app is likely to launch in Q2 of 2020 and already has nearly 100 confirmed and potential retail partners.
Kitfit’s equity crowdfunding campaign raised $447,000, well above its minimum funding target of $149,940. 115 tech-savvy investors jumped on board in the process, hoping to share in the success of this exciting Australian innovator. With the funds raised, the company intends to invest heavily in growth marketing to launch the app.
We can’t wait to start using Kitfit for our purchases as they continue to expand into the wider activewear market.