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Virtusize Raises Series A Funding to Pave the Way for Global Expansion

D-Ax, a partnership between well-known Swedish conglomerate Axel Johnson AB and a group of digital experts, RECAPEX, have invested in Virtusize.

Stockholm and London – 22 April 2014: Virtusize, the award winning virtual fitting solution, today announced that it has secured Series A round of investment from D-Ax, a collaboration between the Swedish conglomerate Axel Johnson AB and a group of digital experts, RECAPEX. The partnership was initiated in 2013 to support digital entrepreneurship.

Virtusize is D-Ax’s first strategic investment. The funds will be used to launch Virtusize in new markets and to advance product development.

Virtusize is today available in over 200 markets through 30 e-tailers in Europe and Asia, such as ASOS, Monsoon, Acne Studios, Esprit and Magaseek. Virtusize has offices in Stockholm, Berlin and Tokyo and its team is 19 people strong.

Johan Siwers, co-founder of D-Ax and General Partner at RECAPEX, comments: “We set up D-Ax to specifically focus on digital projects and innovative companies. As soon as we met Virtusize we knew we had unearthed an impressive product and company.

Virtusize has developed a smart way to help online retailers solve a complex problem facing the industry. Its solution not only improves the experience for the customer, it also reduces the costs of returns for retailers by up to 50% - no other solution on the market has this much of an impact. This coupled with an extremely strong team of co-founders creates a strong case. We are looking forward to working with Virtusize on its quest to solve a long standing problem for online retailers.”

Gustaf Tunhammar, CEO and founder of Virtusize, adds: “Axel Johnson AB is renowned for their long-term experience in retail, whilst RECAPEX has worked on success stories such as Match.com, Livebookings and Bookatable. We are keen to tap into their knowledge to help take Virtusize to the next level by expanding into new markets, growing the team and developing the product.”

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For further information about Virtusize and its retail partners visit: virtusize.com

For more information and interview requests, please contact:
Nuhad Jahan, PR Coordinator at Virtusize
Mobile: +46 (0) 739-56 21 54
Email: nuhad.jahan@virtusize.com

For questions regarding D-Ax, please contact:
Johan Siwers, co-founder of D-Ax
Email: johan@recapex.com  
Please find high-resolution images attached at virtusize.com/media#images

About D-Ax
D-Ax is a collaboration between Axel Johnson AB and RECAPEX, which was initiated in 2013. D-Ax aims to facilitate investments in digital projects and innovative companies, primarily in the Nordic region. The collaboration combines Axel Johnson AB’s experience and breadth of traditional retail, trade and services with RECAPEX’s network and expertise within digital businesses.

About Virtusize
Virtusize is a virtual fitting solution helping online retailers illustrate the size and fit of clothes. Virtusize lets the customer compare garments they want to buy with garments they already own, thereby eliminating the insecurities around size and fit.

Virtusize is available at 30 online retailers in Europe and Asia, such as ASOS, Monsoon, Esprit and Magaseek. The virtual fitting solution helps the online retailer to reduce returns, increase sales and improve the shopping experience for its customers.

Virtusize was founded in 2011 and has previously been funded by Swedish Investment Company Öresund. Virtusize won the “Retail Technology Initiative of the Year” award at the World Retail Awards in 2013.

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