Fits.me sold to Japanese company (5)
Rakuten, a Tokyo-based electronic commerce and Internet company, announced on Monday that it has acquired a 100 percent stake in Estonian-founded fit preference specialist Fits.me.
Rakuten said that it expects the innovative tech startup to further strengthen its e-commerce offerings and marketing solutions by providing a greater personalization of the retail experience for shoppers.
Fits.me will operate as a stand-alone business within Rakuten, Inc.
Fits.me was founded in 2010. The company designed virtual fitting room that helps shoppers better understand what clothes fit and suit them before making a purchase.
“Fits.me represents both the fun and functionality of shopping online and is a natural complement to our growing portfolio of e-commerce and marketing services,” Rakuten founder and CEO Hiroshi Mikitani said.
Fits.me was founded in Estonia by Heikki Haldre and Paul Pällin and financially backed by institutional investors Conor Venture Partners, Entrepreneur’s Fund, Smartcap, Contour Venture Partners and Primary Venture Partners, as well as several angel investors. Over 9 million euros (10 million dollars) have been invested in Fits.me since its founding, but the company is yet to record a profit.
The financial terms of the deal have not been disclosed.