Metail investment wins Deal of the Month
A m (£7.5m) investment in a virtual fitting room technology company which aims to be "the Google of sizing and shape" has been selected as Insider's Deal of the Month.
Metail, which has offices in Cambridge, London and Singapore, uses online fitting room technology that allows the user to create a three dimensional model of themselves and virtually try on a range of fashion garments.
The company's international client base includes Warehouse and House of Holland in the UK and SingTel in Singapore.
The investment round was led by garment manufacturing giant Tal Group, headquartered in Hong Kong.
Metail said the investment would be used primarily to develop its mobile offering, which is scheduled for release early next year, and to advance its user ecosystem.
In addition, the funds will be used to expand the company's overseas presence, building on its existing operations in Singapore and partnerships across the globe including South America, Asia and Europe.
The investment will also support a number of new hires to expand the existing team of 40, which already boasts seven PhDs.
Metail founder and chief executive Tom Adeyoola said the investment will "give rise to some very exciting opportunities" for the business, enabling it to expand its global presence and develop its mobile offering.
Wesley Charnock, Insider's digital editor, said: "This is an exciting and ambitious business, so hopefully the funding will enable it to convert some of this enthusiasm into growth and success."