MTailor Net Worth – $25 million
How much is MTailor worth?
Introduction
One of today’s fastest-rising fashion companies may not be one that you’ve seen on the runway or gracing the cover of the latest magazine.
Mtailor – a subsidiary of Bit Body Inc. – has been wowing men with their high-end, customizable clothes that are designed with the latest innovations.
What makes Mtailor stand out from other men’s shirt companies?
By bringing together men’s clothing with the convenience of smartphone technology, Mtailor has designed an innovative new system that allows men to upload their unique measurements through a simple smartphone photo.
Using the latest in machine learning and artificial intelligence, Mtailor takes a customer’s smartphone photo and creates a highly accurate customized shirt that they love at first sight.
Founded in 2012 by Miles Penn & Rafi Witten, MTailor is impressing customers across the globe with its new take on styling and shopping.
How successful is Mtailor, and what is their current net worth? Read on to learn more!
Get To Know The Company
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Never heard of MTailor?
While you may not be familiar with the company itself, you have likely seen one of their high-quality, professional shirts on a man in your life!
Before we get into the details about MTailor, bring yourself up to speed on the details about this increasingly popular American men’s fashion company!
Company Legal Name: MTailor (Part of Bit Body, Inc.)
Headquarters: San Francisco Bay, United States of America
Founded: 2013
Founder: Miles Penn & Rafi Witten
Employees: 10+ & Growing
Product Focus: High-End, Customized Men’s Clothing
Net Worth: $25 Million (2021)
History
Founded in 2012 by partners Miles Penn and Rafi Witten, Mtailor was born like so many other innovations – out of a desire to cut down on annoying inconveniences.
Founder Penn was tired of having to visit a tailor each time he needed a new shirt. However, the thought of shopping in big box retail stores for fashionable fits was also out of the question.
To fix this issue, Penn wondered if there was a way to bring the world of online shopping to tailored clothing.
The problem with online shopping? Your options are often limited, and you may not know whether or not the fit will be right once it arrives!
To meet these two problems in the middle, Penn began to wonder if the latest technology with machine learning and automation could help solve the problem facing online shopping.
What if customers could go online, select their desired style and customizations, and then send a photo of themselves to a tailor for fast, effective clothes design and shopping?
That thought experiment led to the development of one of today’s most innovative companies: Mtailor.
It Dives Into The Shark Tank
With an innovative idea in hand, Penn needed the financial backing to bring the idea to life.
In order to gain the necessary funding for Mtailor to become a reality, Penn took the idea to ABC’s Shark Tank, where the concept of Mtailor was brought before the show’s investors.
Waking the show’s “sharks” through the Mtailor design concept and final product, Penn was unable to secure a low enough stake from one of the show’s investors.
Unwilling to part with the majority of the company’s equity in exchange for an investor, Penn partnered with co-founder Rafi Witten to push forward with the development of Mtailor’s unique shopping style.
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Going Mobile Against The Odds
Rather than give up when the sharks passed on the idea, Penn and Witten decided to continue pressing forward.
Their next step was to make the Mtailor process mobile with an Apple iPhone application that would make the photo-to-shirt shopping experience even more efficient. The new app utilizes the LiDAR scanner.
It turns out that the switch to the app was the golden ticket for Mtailor’s success.
Suddenly, the application went viral, with more and more customers taking advantage of the fast and easy access to tailor-made fashion via their favorite device.
The rest is success history!
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Mtailor – Net Worth 2024
The chance that Penn and Witten took on Mtailor paid off.
The company’s revenue each month is estimated to range between $350,000 to upwards of $450,000 for custom-made clothing.
Since its inception, Mtailor has also opened up its offerings to include women’s clothing and a variety of other types of clothes outside of shirts.
The story of Mtailor is a great example of what can happen when you stick to your idea, even when investors pass the first time.
While Penn wanted only $2.5 million from the Shark Tank appearance, Mtailor has now successfully secured over $7 million in investor funding – and the future only looks bright for this digital tailor!
Therefore, Mtailor has an estimated net worth of $25 million.
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As the owner of FamousPeopleToday.com and managing editor, Bulgarea Candin Stefan leads the way in creating informative and insightful content on celebrity net worths. His professional, authoritative voice shines through every article, providing readers with valuable, unique information.