JAKARTA (TheInsiderStories) – Indonesia’s largest clothing rental platform, Style Theory, raised fund series B of US$15 million from several investors which led by SoftBank Ventures Asia and supported by Alpha JWC Ventures and The Paradise, the company said on a written statement on Thursday (12/19).
The funding will be used to continue Style Theory expansion on a regional scale. It will also be spent to increase platform technology quality and enlarge Style Theory’s inventory list.
Managing Director SoftBank Ventures Asia Sean Lee said they injected the fund in thought Style Theory’s arising in sharing economy industry. The start-up also influenced the way of dressing people in Southeast Asia.
Style Theory was built in 2016 by offering more than 50,000 fashion collection. CEO Style Theory Chris Halim said that the start-up has rented more than one million designer clothes and bags.
Their trademark is Unlimited that warmly welcomed by the consumers because they are able to rent clothes as many as their monthly member services. The Unlimited services fee is around Rp590,000 a month and able to access all of Style Theory’s inventory, both local or international brands and all of clothes themes and sizes.
The consumers are also able to rent three clothes in first renting. Then able to rent back after returning the first renting. Recently, Style Theory was launching on-demand services which can accommodate customer demands in the special events. The services are allowed a customer to rent only a cloth without becoming a member.
Meanwhile, one of Style Theory’s investors, Alpha JWC Ventures closed their second fundraising by achieving $123 million. Since has been opened in 2018, this second round booked oversubscribed fund, the number of interested investors is higher than the capacity.
Besides, almost all of the investors in first-round involved in this round. The firm has also distributed the second round fund to 14 start-ups. One of them is Kopi Kenangan which received the biggest fund of $8 million.
While, in their first appearance in 2016, Alpha JWC Ventures launched the first round fund of $50 million. The fund was distributed to 23 start-ups in Southeast Asia, the majority in Indonesia. Alpha JWC was also successful to do two exits with the coworking space, Spacemob acquired by WeWork in 2017 and media firm, DealStreetAsia bought by Nikkei in 2019.
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