Every seasoned cyclists has probably dealt with ill-fitting cycling kit and a new App called Kitfit promises to solve this problem once and for all. Following 18 months of development and testing, the App is due to launch in a few months, but before this milestone, they are seeking investment from ‘everyday Australians’ in the business which they are promoting as game-changing. With an $800,000 goal, they have already attracted $418,000 (surpassing the $300,000 minimum) and want you onboard.
The idea is straight-forward, online shoppers waste a too much time finding the right cycling gear and when it doesn’t fit, that wastes more time and money for the shoppers and retailers dealing with the returns process. The Kitfit team say their new app is “breakthrough technology that is 50 times faster, 20 times more personalised and with 10 times the fit accuracy of existing systems”.
Many of the stats need a closer look, “50 times faster” for example is the estimated savings in time for a customer searching, identifying, buying and receiving properly fitting garments.
For cycling wear, the personalisation of the Kitfit app means that it recommends cycling kit that is more likely to appeal to while your body measurements are compared and also cross-checked across the different cycling kit brands. As a result the kit will be a better fit and a better match for your preferences in style. Kitfit use, what they call a 4 dimensional model of fit which is based on a social connections, interests, product/category knowledge and personal measurements and preferences.
Kitfit note that they have nearly 100 partners such as Rapha, Biehler and Oakley ‘secured or in the pipeline’.
But the crux of Kitfit is more
For cyclists, Kitfit is a nice idea and considering the differences in sizing between brands, it can take away a lot of the frustration. For potential investors, cycling kit is just a starting point and the business highlights the potential of their application on global retail.
Co-founder Andrew Jacobs says, “Kitfit has a potential gross profit of $20 million from cycling and $100 million from other activewear verticals by 2025. Currently in its beta phase, the platform already has 100K followers on Instagram, over 10K of registered enthusiasts and 98 current or potential partners including the likes of Rapha and Oakley. We’re a platform that has been developed for the community and in partnership with it, so it makes sense to us that everyone should also be given the chance to become a co-owner as well.”
Kitfit have launched their community investment using Equitise Crowdfunding platform and provides a fairly detailed overview of the financial records to date and planned spending. For interested investors, take the time to read the detailed “Offer Document”. The offer is open to Australians and New Zealanders and the minimum investment into Kitfit Pty Ltd is $360 (for 1000 shares with an initial share value of $0.36).
The advantage of the Equitise platform is that it reduces the complexity for ‘everyday people’ to make lower value investments which are classed as a Retail Investment (up to $10,000). Interested investors need agree to the Investor Agreement, Risk Warning and Disclosure Statements and also verify their identity (which can be completed online by uploading valid identification). Sophisticated and Wholesale Investors (who are eligible make larger value investments) need to verify their eligibility.
The investment offer ends on Monday 16 March (and investors have a cooling-off period of 5 days). Bicycles Network Australia will be following Kitfit with interest.
Kitfit Investment Offer on Equitise