The Jakarta Post
A woman browses through the catalog of the Style Theory app (The Jakarta Post/Gisela Swaragita)
Singaporean online fashion rental platform Style Theory has recently announced it secured US$15 million in a Series B funding round led by SoftBank Ventures Asia, with the support of investors Alpha JWC Ventures and The Paradise Group.
Founded by Raena Lim and Chris Halim in 2016, the startup looks to expand its business regionally, provide new apparel inventories in Indonesia and Singapore and improve the quality of their technology.
For Rp 590,000 ($42.26) a month, customers can enjoy unlimited access to over 50,000 local and international collections through the Style Theory app.
Read also: Dressing to impress with rented clothes
Style Theory also recently launched its On Demand feature, allowing customers to rent one collection without needing to subscribe.
“Fashion has become one of the most important elements in our sharing economy culture, and with such an interesting business model, Style Theory has proved that a company can shift how people consume fashion in Southeast Asia. We are happy to support Style Theory’s business expansion in all areas,” SoftBank Ventures Asia managing director Sean Lee said in a statement.
With the fund, Style Theory also plans to focus on customers in smart living.
“After being able to accommodate more than 1 million designer outfit and bag rentals, we are also able to direct the customer culture to be more aware about implementing smart lifestyles,” said Chris Halim, CEO of Style Theory. (vel/kes)
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