Volumental Raises $13 Million in Financing to Support Global Expansion
Volumental, a computer vision company that helps the world’s top retailers and brands solve fit, improve customer experiences, and transform data into fuel for profitable growth, today announced a $13 million capital raise. The minority equity investment is the company’s largest financing round to date and paves the way for the expansion of global sales, marketing and product development efforts to accommodate the fast-growing pipeline of brands coming onto the platform.
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Volumental’s fully integrated suite of 3D scanning and data tools optimize fit for shoppers by bringing together everything needed to simplify sizing. The company’s command of the FitTech™ category has fueled its growth with its retail scanning, mobile scanning, personalized recommendations and digital marketing tools being leveraged by nearly 100 leading brands and retailers across mobile devices and in more than 3,000 retail stores globally.
“The opportunity in FitTech is massive. Size and fit still remain as one of the last big unsolved problem areas for shoppers and brands. More and more retailers realize this and want to provide a smoother experience.” said Alper Aydemir, co-founder and CEO at Volumental. “We’re seeing this from many of the companies we work with in the U.S. where we continue to grow at a rapid rate, as well as in the European and Asian markets we’re expanding into. To meet this demand, we’ll continue to scale our products and onboarding, as well as attract and invest in sales, marketing, computer vision and AI experts to further develop our proprietary FitTech solutions.”
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Volumental is led by a diverse team of PhD-level engineers, data scientists, UX researchers, and retail experts working together to provide the most accurate fitting recommendations using 3D scanning and AI. Volumental’s customers experience increased foot traffic, better sales conversions, increased basket sizes and decreased returns. By turning the world’s largest dataset of 3D foot scans into relevant information, Volumental unlocks unique value for brands such as Bauer, Hoka, Canada Goose, Red Wing, The Athlete’s Foot, Fleet Feet, and New Balance.
The financing was led by CNI, a growth-oriented private equity firm based in Stockholm focused on investing in businesses that create true and sustainable shareholder value as they scale. CNI was joined by new investors Backstage Invest, Abanico Invest and other existing partners in this financing round.
“We are thrilled to partner with Volumental and support the company on the exciting growth journey ahead. We are impressed by the team and the traction they have built over the last several years and see Volumental as an enabler of data-driven retail consumption which creates significant and tangible value for its customers,” said Victor Wellenstam, Investment Manager at CNI. “The combination of Volumental’s growth potential, digitalization focus and proven business model fits perfectly well into the core of the CNI investment philosophy.”
“We are very happy to welcome CNI onboard as an investor and partner. With CNI’s pragmatic approach and impressive track record of supporting other successful fast growing companies, we believe they are a perfect partner as Volumental scales up,” added Volumental’s Aydemir.
