Fashion rental startup Style Theory bags $15m in SoftBank-led round

Singapore-based fashion rental subscription platform Style Theory has raised US$15 million in a series B round led by SoftBank Group’s early-stage venture arm, SoftBank Ventures Asia.

Style Theory co-founders Raena Lim (left) and Chris Halim / Photo credit: Style Theory

Other investors including Alpha JWC Ventures and the Paradise Group also participated in the round, according to a statement.

Founded in 2016, Style Theory provides economically sustainable fashion choices. It operates through the Style Theory app, which keeps data such as body measurements to filter out items available in the users’ size and provide a rating on how well the item would fit them.

The startup also uses machine learning to generate personalized recommendations for their users based on their browsing and rental history. According to the report, Style Theory is looking to launch new apparel categories in Singapore and Indonesia before possible expansions in other countries next year.

The startup plans to use the new funds to further enhance its tech platform. It will also use RFID technology and attach tags to all of its rental items as it scales up and enters new markets, according to a TechCrunch report.

Since its launch, Style Theory has already delivered more than 1 million items, its founders claim. It currently has more than 50,000 pieces of clothing and 2,000 designer bags in its inventory. The company has also opened a brick-and-mortar store on Orchard Road in Singapore just last month.