Style Theory, a platform for renting designer apparel in Indonesia and Singapore, supplied this day it has raised $15 million in Series B funding. The startup says here’s the considerable closing of the round. It became led by SoftBank Ventures Asia, the early-stage venture arm of SoftBank Crew, with participation from other investors including Alpha JWC Ventures and the Paradise Crew.
Each and each SoftBank Ventures Asia and Alpha JWC Ventures are returning investors and beforehand participated in Style Theory’s Series A.
Founded in 2016 by Raena Lim and Chris Halim to counteract the wreck created by snappily style, Style Theory currently has greater than 50,000 pieces of clothing and a pair of,000 designer bags in its stock. As well to its app, the firm opened a flagship retailer on Orchard Avenue in Singapore final month. On moderate, Style Theory’s subscribers hire up to twenty pieces of clothing and two designer bags a month and it has delivered greater than a million items since launching, its founders squawk.
Phase of the funding will seemingly be feeble to extra draw Style Theory’s tech platform. In an email interview, Lim and Halim suggested TechCrunch that Style Theory uses machine-discovering out algorithms to personalize clothing and fit suggestions for users in accordance to their buying and condo historical past and pick what designers and kinds to address so as to add. The startup additionally built a personalized warehouse management machine and distribution community that uses its possess mercurial of couriers to lower costs. In uncover to administer its stock because the firm scales up and expands into original markets, it plans to start using RFID tagging and might merely aloof join passive RFID tags on each of its condo items.
Lim and Halim squawk they belief to launch original apparel categories in Singapore and Indonesia before presumably expanding into more countries in 2020.
Whereas Rent the Runway and Le Tote are doubtlessly more than seemingly the greatest-identified style condo apps within the United States, Style Theory’s operating model has several key differences to inspire the Southeast Asia market, Lim and Halim squawk. Longer hours draw many customers are steadily no longer at home to receive deliveries. They additionally rely on public transportation greater than most People. In uncover to originate the carrier more convenient, Style Theory opened its brick-and-mortar retailer and companions with computerized locker services, coworking areas and malls. Its app entails various fee solutions, since the regions they inspire hang reasonably lower credit rating card penetration rates.
Style Theory’s stock is additionally picked with a various array of patrons in mind.
“With the melting pot of cultures, we must always ability our merchandise mix with consideration to the more than a number of societal standards of formality and modesty within the workplace and social ambiance,” acknowledged Lim and Halim.
“No longer finest does our assortment have to inspire the all-12 months tropical native weather, with a seasonal need for creep back and forth, we must always additionally meet the requires for the more than a number of cultural groups and customer preferences. We hang supplied a line up of modest wear in Indonesia and more festive wear right by the celebratory seasons within the 12 months.”
In a assertion, SoftBank Ventures Asia senior accomplice Sean Lee acknowledged “Style has emerged as one of many final frontiers of the sharing financial system, and with a graceful commerce model, Style Theory has confirmed that the firm can swap the methodology folks exhaust style in Southeast Asia. I am infected to toughen Style Theory’s expansion across the region as well to continuous disruption.”