Fashion subscription startup Style Theory recently announced the first close of its Series B funding round, which has raised US$15 million.
The round was led by SoftBank’s early-stage venture arm, SoftBank Ventures Asia, along with participation from Alpha JWC Ventures and The Paradise Group.
The financing will be used for “continued regional expansion”, which includes further developing Style Theory’s proprietary tech platform and broadening their inventory assortment.
“Style Theory has offices in Singapore and Jakarta, and is looking to expand into new markets,” the company said.
Founded by Raena Lim and Chris Halim in 2016, the startup aimed to tackle the buy-and-throw-away culture in fashion by offering people the option to rent and share designer apparel instead.
To provide a physical location for customers to browse, try and pick up rentals, the company later launched its flagship store on Orchard Road, Singapore in November 2019.
It also partners automated locker operators, coworking spaces and department stores to make delivery and returns more convenient.
The Style Theory app uses data-driven technology to recommend items and suggest the right fit for each of its 200,000 users based on their rental history.
With plans to enhance the app, expand apparel categories, and enter new markets, Style Theory will start tapping on RFID technology to tag and manage their growing inventory as operations scale up.
Halim shared that Style Theory has “delivered more than 1 million designer apparel and bag rentals” since its launch.
“We are leading the charge in creating a product for savvy customers who believe in a smarter and more sustainable way of life. With such positive market feedback, the priority for the business will be to branch into new markets in the region, as well as enhance and develop improved product offerings for our users,” he added.
Featured Image Credit: Style Theory