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[StartupRecipe] Funding in Top Fashion Startups

#Weekly Funding Overview

[Aug. 15~ Aug. 19]

The total funds raised by Korean startups of this week is KRW 372.5 billion.

ADforusAd tech-VTok
AI-nomisAI-SeedKorea Investment Accelerator
12MONTHFood delivery2.5 billionPre-Series ANAU IB Capital, BAROGO
FliptionVirtual Human-SeedPrimer Sazze Partners, Content Technologies, Angel investor
Pluto projectUS Stock4.6 billionSeedFuture Play, Mirae Asset Venture Investment, Angel investor
NextchapterBrand aggregator20 billionSeries ABRV Capital Management, Klim Ventures
Smart scoreGolf180 billionVIG Partners
KPOPMAPKcontent-Pre-Series ANew Paradigm Investment
Onlive ProductionsEducation-SeedDohe International
Predictiv careHealthcare-Naver D2SF
GazilabWellness-SeedNaver D2SF
QuotalabEquity Management14 billionSeries A2Hana Securities, Viva Republica, Access Ventures, Elefund, Draper Associates,
Able labsBIO3 billionPre-Series AMirae Asset Venture Investment, Future play
VegaXBlockchain6 billionSeries ADanal Fintech
FasstoLogistics15 billionSeries CYuanta Investment
TrenbeLuxury Fashion35 billionSeries DIMM Investment, Atinum Investment
Break & CompanyTrading card platform5 billionPre-Series AZVC, KB Investment, Strong Ventures, Signite Partners
Orwell HealthMental healthcare2.6 billionPre-Series ASpring Camp, KB Investment, Tail, We Ventures, Dodam Ventures,
YaholabKids care-SeedKorea accelerator, The Inventionlab
gymtFitness-M&AThe post wave
Proxi healthcareSmart Toothbrush8.2 billionSeries AFuture Play, Timewise investment
QLIProphtech-SeedBon Angels Venture Partners
GreenbaseReusable Battery-SeedJeju CCEI
CigroEcommerce solution-SeedSchmidt, Spring Camp, Tap Angel Partners, Synergy IB, Angel investors
JejuminiTravel content-SeedJeju CCEI
TriplelabsJewelry1.1 billionPre-Series AStrong Ventures, Bass Investment
PplinkOnline Communication-GRANTTIPS
BejewelJewelry8 billionSeries BRakuten Ventures, CJ On Style, Softbank Ventures
LdcarbonEco friendly18.5 billionSeries A
SharetreatsMobile gift20 billionSeries BBH Investment, Partners Investment
BrandyFashion29 billionKorea Development Bank, Atinum Investment, Big Basson Capital, Mirae Asset Venture Investment, Breeze Investment
Cloud stoneDelivery-GRANTTIPS
Seeann solutionHealthcare-GRANTTIPS
QuantifiedESGESG research-GRANTTIPS

Major Funding

  • Golf platform Smartscore has raised KRW 180 billion from private equity funds. Its corporate value is estimated at KRW 900 billion, on the verge of reaching unicorn status.
  • Luxury platform Trenbe has secured an investment of KRW 35 billion. It offers the lowest-priced luxury goods. After five years of operation, its transaction amount surpassed KRW 800 billion.
  •  ShareTreats, a mobile gift delivery business in Southeast Asia, has received a KRW 20 billion investment. Its transaction amount reached KRW 100 billion in total. It entered into agreements with companies like Shopee and Lazada.
  • Equity management platform Quotabook has received KRW 14 billion in funds. 3,000 companies, including unicorn startups, use Quotabook to manage their shareholder lists and stock options.

#Trend Analysis

Funding in Top Fashion Startups

One of the markets that has benefited from COVID-19 is the fashion industry. According to the data from Startup Recipe, as of August this year, KRW 297.6 billion has been poured into fashion startups. Various models are emerging in the market by combining technologies such as AI and big data. We looked at the services that have caught investors’ interest.

Last year, major domestic luxury platforms succeeded in securing large-scale investment. However, due to a number of circumstances, such as the deteriorating investment environment, the controversy over counterfeit luxury products, and overzealous marketing, competitive investment appears to have fallen this year. Still, expectations for a luxury platform remain. Trenbe raised KRW 35 billion in investment, while MustIt raised KRW 20 billion. Large corporations in particular have continued to show interest as they seek to create synergy with online fashion platforms. The soon-to-be unicorn fashion platform continues to draw investors’ interest. Investors are still interested in the soon-to-be unicorn fashion platform. Ably raised KRW 67 billion and was valued at KRW 900 billion. Brandi received KRW 29 billion in funds, raising hope for expansion.

Vertical platforms that target specific age groups are also growing rapidly. Startups that cater to particular ages and genders have recently emerged and are effectively attracting investment. Rapport Labs, a fashion app for women in their 40s and 50s, attracted a large investment of KRW 36 billion in February, after securing KRW 15 billion last year. Tailor Town, a fashion platform for men in their 30s to 50s, and Ludencity, a fashion curator for women in their 50s and 60s both received initial funding and are now expanding their services.

As the second-hand market expands, platforms for fashion and luxury second-hand items are also expanding quickly centered around Generation MZ. Craving Collector, which sells second-hand fashion items, and Fruits Family, where you can purchase vintage and designer products from home and abroad, both have been successful in attracting investment. Early-stage investors also paid attention to startups that trade used luxury items, like EndAnd Korea, Turnbag, and Pampam.

Large-scale funds are being invested in businesses that challenge the global market based on K-fashion. Dealicious, which offers digital transformation solutions for the Dongdaemun market, is one excellent example. Dealicious raised KRW 54 billion and announced its plans for global expansion, starting with Japan. Additionally, SwatchOn, a wholesale fabric platform with KRW 12 billion funding, has compiled a database of more than 200,000 fabrics and worked with numerous international brands. Gollala, another Dongdaemun wholesale platform, establishes online connections between domestic and international wholesale and retail merchants.

In addition, fashion solutions that combine metaverse and AR/VR are successful in garnering investment. Services that implement fashion products in virtual space include FNS Holdings, Z-emotion, and Oscar Futurera.

Ably CorporationE-commerceKRW 67 BillionPre-Series C
DealiciousK-fashion wholesale & retailKRW 54 BillionSeries C
Rapport LabsFashion app for women in 40-50sKRW 36 BillionSeries B
TrenbeLuxury fashionKRW 35 BillionSeries D
BrandiFashionKRW 29 Billion
MustItLuxury goods platformKRW 20 Billion
SwatchOnGlobal fabric marketplaceKRW 12 BillionSeries B Bridge
FNS HoldingsStyleTechKRW 10 BillionSeries B
BejewelJewelryKRW 8 BillionSeries B
Craving CollectorSecond-hand fashionKRW 5.5 BillionPre-Series A
PerfittAI-Tech startupKRW 4 BillionSeries A
GollalaDongdaemun wholesale platformKRW 3.3 BillionPre-Series A Bridge
Funding in Top Fashion Startups in Korea

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