New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 200 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ventures to tell their story and pitch their idea. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for inclusion in this series. This particular startup is a part of HYPE Foundation’s “Top 50” Program. HYPE created a global platform which aims to accelerate and invest in sports innovation.
Company name: Fitfully
Founder(s): Roy Tertman, Batia Mach-Shepherd, Dr. Yirmy Kaminski
Headquarters: Tel Aviv, Israel
1. What is your elevator pitch?
Do you buy shoes online? Today’s online shoe returns are at ~35%. This is due to fitting issues. With added restocking fees, retailers’ OPEX are cutting profits by nearly 50%. That is, until now. Fitfully creates a virtual in-store sizing experience through the comfort of your mobile device.
2. Problem & Solution
Despite the unmatched convenience and selection it provides, 92% of consumers still do not shop for shoes online due to the inability to precisely fit being the main barrier. This statistic is considerably low compared to other verticals in eCommerce.
Fitfully creates a 3D model of consumers’ feet from a regular smartphone camera.
Using the 3D model of the shoe along with the consumer’s foot, we perform a virtual-fit to provide an in-store like experience.
3. Market – your target market and the overall market
15-40 online shopper demographic they’re targeting. Consumers in this market segment, as well as those loyal to Fitfully’s already-established footwear partners, will all get to benefit from virtual fitting with their favorite brands
4. Business Model – how do you make money?
B2B – SaaS Models. Tiered.
The billable transaction is a unique user per month. Based on the volume of users, a tiered SaaS model in a cloud infrastructure is applied.
5. Management Team – with titles
Batia Mach-Shepherd, CEO
20+ years’ experience in digital media IT management. IT Development Manager at British Sky Broadcasting, In charge of
120 development staff. VP business development of Zixi and Spottix
IDF MAMRAM Alumni
Roy Tertman, CPO
Co-Founder & CMO, Kupoya (acquired in 2012)
Was part of Invested.in; Naki Laundry;
10 years of Telecom product & marketing, mentor at various accelerators and programs
Dr. Yirmeyahu Kaminski, PhD, VP R&D
PhD Computer Vision, Hebrew University of Jerusalem.
École des Mines de Paris. Lycée Louis-Le-Grand
Researcher, published author
Head of Applied Math department @H.I.T
Lior Mark, CTO
15+ years extensive experience in computer programming and data worlds. 8200 IDF alumni.
Created diverse projects in fintech, security, 3D, web+mobile applications
Contributor to Open Source projects
6. Anything else you want the audience to know about your venture?
Fitfully imitates the shoe sizing functionality of brick & mortar stores in a unique manner that competing platforms simply cannot match. While other solutions use just two dimensions to compare the bottom of the foot to the bottom of the shoe, Fitfully compares the entire foot – and remains the only platform that can boast this. Check out a few more features and benefits that make us stand out:
- Fitfully can pinpoint where the lack of fit is coming from in a detailed manner; for example, letting you know if it’s too tight around the toes or too loose around the heels
- It utilizes anatomical and mathematical models that focus on bone construction and provide insight on how the foot moves inside the shoe
- Divides the foot into the 12 specific areas, designated according to industry fitting standards
- Designed to be a white-label virtual fitting solution that can quickly and easily be embedded on retailers’ platforms to increase conversions