Style Theory, a platform for renting designer attire in Indonesia and Singapore, introduced immediately it has raised $15 million in Sequence B funding. The startup says that is the primary closing of the spherical. It was led by SoftBank Ventures Asia, the early-stage enterprise arm of SoftBank Group, with participation from different traders together with Alpha JWC Ventures and the Paradise Group.
Each SoftBank Ventures Asia and Alpha JWC Ventures are returning traders and previously participated in Style Theorys Series A.
Based in 2016 by Raena Lim and Chris Halim to counteract the waste created by quick fashion, Style Theory presently has greater than 50,000 items of clothes and a pair of,000 designer baggage in its stock. Along with its app, the corporate opened a flagship retailer on Orchard Highway in Singapore final month. On common, Style Theorys subscribers hire as much as 20 items of clothes and two designer baggage a month and it has delivered a couple of million objects since launching, its founders say.
A part of the funding will likely be used to additional develop Style Theorys tech platform. In an e mail interview, Lim and Halim instructed TechCrunch that Style Idea makes use of machine-learning algorithms to personalize clothes and match suggestions for customers primarily based on their shopping and rental historical past and resolve what designers and kinds to hold so as to add. The startup additionally constructed a custom-made warehouse administration system and distribution community that makes use of its personal fleet of couriers to decrease prices. With a purpose to handle its stock as the corporate scales up and expands into new markets, it plans to start out utilizing RFID tagging and can connect passive RFID tags on every of its rental objects.
Lim and Halim say they plan to launch new attire classes in Singapore and Indonesia earlier than presumably increasing into extra nations in 2020.
Whereas Lease the Runway and Le Tote are the best-known fashion rental apps in america, Style Theorys working mannequin has a number of key variations to serve the Southeast Asia market, Lim and Halim say. Longer hours means many purchasers are sometimes not at house to obtain deliveries. In addition they depend on public transportation greater than most Individuals. With a purpose to make the service extra handy, Style Idea opened its brick-and-mortar retailer and companions with automated locker suppliers, coworking areas and department shops. Its app contains totally different cost options, because the areas they serve have comparatively decrease bank card penetration charges.
Style Theorys stock can also be picked with a various array of consumers in thoughts.
With the melting pot of cultures, we’ve got to method our merchandise combine with consideration to the totally different societal requirements of ritual and modesty in the office and social atmosphere, mentioned Lim and Halim.
Not solely does our assortment need to serve the all-year tropical local weather, with a seasonal choice for journey, we’ve got to additionally meet the calls for for the totally different cultural teams and buyer preferences. We’ve got launched a line up of modest put on in Indonesia and extra festive put on through the celebratory seasons in the yr.
In a press launch, SoftBank Ventures Asia senior accomplice Sean Lee mentioned Fashion has emerged as one of many final frontiers of the sharing financial system, and with a gorgeous enterprise mannequin, Style Idea has confirmed that the corporate can change the best way folks eat fashion in Southeast Asia. I’m excited to help Style Theorys growth throughout the area in addition to steady disruption.