SINGAPORE, 20 November 2019 – Style Theory, the largest fashion rental platform in Southeast Asia, announced today a US$15 million first close of its Series B round, led by technology growth equity investor Softbank Ventures Asia, with participation from new and existing investors including Alpha JWC Ventures and The Paradise Group. The financing will be used to fund Style Theory’s continued regional expansion, for further investment in its proprietary technology platform and broadening of its inventory assortment.
“Fashion has emerged as one of the last frontiers of sharing economy and with an attractive business model, Style Theory has proven that the company can change the way people consume fashion in Southeast Asia. I am excited to support Style Theory’s expansion across the region as well as continuous disruption”, said Sean Lee, Managing Director at SoftBank Ventures Asia.
“We’re excited and proud of the latest Series B funding round. The renewed support from many of the investors involved from the previous round, including Softbank Ventures Asia and Alpha JWC Ventures, is a great testament to the commitment that we have in growing the business,” shared Chris Halim, CEO of Style Theory.
“Having delivered more than 1 million designer apparel and bag rentals 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,” added Halim.
Launched in 2016 as a solution for changing the way people consume fashion, Style Theory leads the circular fashion revolution in Southeast Asia. Through its offering of designer fashion rental options, renting and sharing clothes is celebrated as the norm with over 50,000 designer apparel and over 2,000 designer bags to choose from on the app anytime, anywhere. In addition, the company has launched its flagship store in the heart of Orchard Road, Singapore in Nov 2019.
Tapping on its proprietary in-app fit algorithm, data-driven technology, and customer-first approach, on-site users can chat with personal stylists and dedicated customer experience team. Style Theory has offices in Singapore and Jakarta, and are looking to expand to new markets.
“It is a pleasure to see the strong growth of the company since inception, and I believe that this is just the beginning,” says Alpha JWC’s managing partner Jefrey Joe. “With a strong product, technology and operations focus, I am confident that Style Theory will be greatly positioned to serve the big potential of this lucrative, growing market.”