(Seoul, South Korea) - Rapportlabs' mobile fashion platform 'Queenit,' which focuses on women between 40 and 50, has secured additional funding.
Why It Matters: The fresh infusion of capital indicates potential growth in the mobile fashion sector targeting a specific age demographic.
The Key Points
- Funding Details: Rapportlabs has raised KRW 34 billion in its Series B2 funding round, following the KRW 36 billion investment in February 2022. Cumulatively, this amounts to KRW 70 billion since the launch of 'Queenit'.
- Platform Performance: Since its launch in September 2020, 'Queenit' has registered 5.4 million downloads in 34 months and has been financially stable since March 2023.
- Investment Data: Altos Ventures led the latest funding round, with contributions from Kakao Ventures and Atinum Investment, indicating continued investor confidence in the platform.
- Platform Features: Queenit offers features tailored to its target demographic, such as a 3-second sign-up, an AI-based recommendation system, and a selection of specific brands.
The Big Picture: Launching in May 2020, Rapportlabs specializes in mobile services for people in their 40s and 50s.
The founders, Hee-min Choi and Joo-young Hong, use their IT and business acumen to drive the platform forward.
With these developments, Rapportlabs is firmly positioned to redefine the fashion tech sector, offering unique solutions for a previously underserved demographic.
This move by Rapportlabs could signal a shift in the fashion tech sector to cater to more niche demographics.