Fashion app co MySizeID raises $4m

Ronen Luzon

The company's app uses cellphones to measure customers for clothes fittings.

Israeli company MySizeID (TASE:MYSZ), which was merged into stock exchange shell TopSpin in 2014 and listed on the Tel Aviv Stock Exchange (TASE), recently completed a $4 million private placement, in addition to $1.7 million raised since the company was founded (a total of $5.725 million).

MySizeID designs fashion apps. The company's app contains an algorithm for taking the user's measurements and optimal fitting of a proposed fashion item to the consumer's size. After measuring the customer, the app formulates an "ID card" for each user, to which items matching his measurements will be fitted in the future.

The company recently launched an app for iPhones, called SizeUp (beta version), which contains a 3D measuring algorithm, in which the telephone is moved on a horizontal surface.

The MySizeID business model is based on commissions for each item purchased using the app and focused advertising offering the user an item matching his measurements and preferences. The company will also charge a commission on offline purchases in which its technology is used in real time. The first fashion company to sign a cooperation agreement with MySizeID is Trucco, a Spanish fashion company operating 240 stores in over 20 countries, plus online shops.

CEO Ronen Luzon founded MySizeID in 2014. The company has 15 employees in its offices in Airport City.

Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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