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Banking & Finance Fashion News Stories

Style Theory secures US$15 million in Series B round

Singapore’s fashion rental startup Style Theory closes a US$15 million new funds in Series B Funding Round led by SoftBank Ventures Asia.

Style Theory is a fashion rental subscription platform that provides economically sustainable fashion choices. It operates through the Style Theory app; which members are required to download in order to access the service. The account registration process is straightforward and easily completed in a few clicks, with the provision of requisite standard account information such as the member’s address, mobile number, and credit information.

The fashion rental platform raised US$15 million new funds in its Series B Funding Round led by SoftBank Ventures Asia, a corporate venture capital arm of Softbank Group that specializes in IT startup investment.

“Style Theory uses machine-learning algorithms to personalize clothing and fir recommendations for users based on their browsing and rental history and decide which designers and styles to carry,” Chris Halim and Raena Lim, founders of Style Theory, told TechCrunch.

According to the company, they plan to use the new funds to further develop the technology platform of Style Theory. It also plans to integrate RFID for the user’s inventory. Lim and Halim said that they plan to launch new clothing categories in Singapore and Indonesia before expanding to other countries in 2020.

The platform is easy to use and keeps data such as the member’s body measurements, which allows the app to filter items available in a relevant size and provide a “score” on how well the item would fit.

“With the melting pot of cultures, we have to approach our mix of merchandise taking into account the different social standards of formality and modesty in the workplace and the social environment,” said Halim and Lim.

Chris Halim and Raena Lim featured image
Chris Halim and Raena Lim, Founders of Style Theory (vulcanpost.com)

Alpha JWC Ventures and The Paradise Group also participated in the said funding round. Softbank Ventures Asia and Alpha JWC Ventures also participated in the previous round.

“Fashion has emerged as one of the last frontiers of the 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,” SoftBank Ventures Asia’s senior partner Sean Lee said in a press release.

The fashion startup was founded by Chris Halim and Raena Lim in 2016.

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