ZipFit simplifies shopping for clothes online by using an algorithm to find customers the best fit.
ZipFit offers consumers a unique online shopping experience that uses an algorithm to identity the best fitting apparel, then further customizes the garment to create the optimal fit for the customer. The company’s platform currently sells men’s apparel ranging from jeans to socks, shirts and boxers.
ZipFit is raising $150K-$300K of convertible debt. The note has a cap of $4.15M and 15% annual interest; qualified financing for the note is $500K. Major investors (>=$80K) will have the right to participate on a fully-diluted pro rata basis in subsequent issuances of equity. Full terms can be accessed in the deal room. The minimum investment is $10,000.
USE OF FUNDS
In 2014, the company began pursuing an eCommerce model, launched home and office fittings, made hires in part-time tailoring and raised $130K in financing. ZipFit aims to drive over $1M in annual sales with the current round through addition of a women’s line, geographic expansion, new sales hires and optimizing repeat business.
In 2014, ZipFit had $210K in net revenue on approximately 44,000 user sessions and 723 customers, equating to an average order of $276 (LTM net revenue grew to $340K as of May 2015, +400% YoY). The largest source was organic search (16K+ sessions). Customers opting for showroom fittings had average purchases of $390, while office/home fittings resulted in average sales of $324 per customer.
We help you find your best fit designer clothing. We have two search algorithms that help pick out your best fit denim, then we compliment that with free tailoring and free shipping. Our vision is to outfit you from head to toe, and everything fits perfectly the first time.