Portfolio company Massi Miliano (Fits.me)

Development Fund's investment: in two stages, totalling EEK 4,850,446

Brief introduction and ambition: Massi Miliano OÜ develops a novel solution based on a robot for online shopping. As garments cannot be tried on before purchasing in online stores, the customer is entitled to send the good back to the shop and the shop pays the full price and postage. In the case of Massi Miliano's developed solution, the customer will be shown a photo from the garment which is worn by the mannequin who is the same size as the customer. Since on the basis of such photo it is better to evaluate the personal suitability of the garment, the amount of returns thereby decrease, customers dare to buy more expensive goods and ultimately the efficiency of the online shop increases. A patent application has been submitted to protect the base technology which enables the solution, a computer controlled shape-changing robotic mannequin.

The objective of the company is to become the service provider for leading international online garment shops and to open the starting technology potential also for other business applications. The idea to harness the robotic mannequin in the online fashion industry originated from Heikki Haldre, the head of Massi Miliano and the founder of  Netikuller.ee. The robot itself was developed by Alvo Aabloo, Professor of Polymer Materials Technology at the Institute of Technology, University of Tartu, and Maarja Kruusmaa, Professor at the Centre for Biorobotics, Tallinn University of Technology. The Development Fund's investment objective is to finance launching the international online, further international sales development and solutions improvement.

Co-investors: Webmedia AS, Aavik ja Partnerid Advokaadibüroo OÜ, Bread and Butter OÜ, Krastendo OÜ, Kamm Ettevõtmiste OÜ, the price of a 1% holding was the same for the Development Fund and co-investors.

See also:

01.06.2009 The Development Fund to invest into Massi Miliano, the integrator of robotics and online clothing retailing

Why did they appeal to Estonian Development Fund for a VC investment?