The Munich-based FashionTech startup presize just closed a 6-figure pre-seed funding round. Founded in 2019, prezise set out to help online shops solve their multi-billion EUR return problem, by recommending users a perfect fit based on a smartphone video of their body. The patentpending approach to extract body measurements and recommend sizes combines the latest breakthroughs in Computer Vision and Deep Learning.
The 6-figure pre-seed round was led by Plug and Play, a Silicon Valley-based VC and early investor in Google, Paypal, Dropbox and N26. Business Angels with C-level experience in the software and fashion space are co-investing. The startup was founded by three CDTM alumni from three different countries, each with previous founding and industry experience and a strong track record in academia (TUM, Stanford, Cambridge, UCSD).
The Problem: Every second online fashion shop order is returned by the consumer, causing customers to waste valuable time, the environment to suffer and web shops’ margins to shrink. 75% of the returns are due to the wrong size or poor fit. The large scale of the sizing problem stems from differing sizing standards across brands and the refusal of users to use sizing charts (since they don’t know their true measurements).
The presize Solution: When visiting a web shop with presize integrated, users can click on the “video scan” button if they are unsure whether to choose M or L, for example. Then a mobile web app opens in a separate browser tab and gives the scanning instructions. Users place their smartphone on the floor leaning against the wall, and simply turn around once while recording a video. Afterwards, users enter their gender, height and fit preference (e.g. slim fit) and return to the web shop – from then on, they will receive a perfect size recommendation for every product in the shop.
The fresh capital will be used to grow the product team and build upon the existing MVP. After the first successful pilot projects in May, the next step is to launch the product and integrate with largerscale customers.
Leon, one of the co-founders of presize, comments on the round: “We are thrilled to have Plug and Play on board, one of the leading VCs in the world. With their expertise in RetailTech here in Munich and their strong global network, it’s the perfect fit.”