# The Clozet Company

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/the-clozet-company

- Industry: Internet
- Headquarters: Seoul, South Korea
- Website: www.closetshare.com
- Total disclosed funding: $3.7M
- Latest round: Series A (Sep 11, 2019)
- Investors on record: 5

## About

Based in Seoul, South Korea, The Clozet Company operates a platform specializing in the rental and sharing of premium fashion items, offering a sustainable and cost-effective way for consumers to access luxury apparel and accessories.Established in 2016 and headquartered in Seoul, South Korea, The Clozet Company focuses on providing a platform for renting premium fashion items. The company, founded by Juhee Seong, has raised a total of KRW 4.4 billion through Series A funding on September 11, 2019, with investments from 500 Global, D3 Jubilee Partners, KDB Bank, and SparkLabs Global Ventures. The founder, Juhee Seong, brings prior experience in the fashion industry, although details of her previous ventures are not disclosed.The Clozet Company operates ClosetShare, a platform that facilitates the rental and sharing of premium fashion items, including clothing and accessories. Its core offering is a membership-based service that allows customers to rent a wide variety of apparel and bags for a defined period. This service addresses the demand for affordable luxury fashion, enabling users to enjoy high-end items without the commitment of full purchases. ClosetShare is designed with a focus on sustainability and shared economy principles, catering to fashion-conscious individuals in South Korea, with plans for expansion into markets like Singapore.ClosetShare generates revenue through a subscription model, offering various membership tiers for renting clothing and accessories. A monthly membership for eight clothing items is priced at 79,000 KRW, while a combined package with both clothing and bags is available for 149,000 KRW. Revenue comes from both memberships and individual transactions, where customers can rent specific items outside their subscription plan. The direct-to-consumer sales model allows ClosetShare to cultivate a loyal customer base while providing a seamless user experience.The Clozet Company plans to utilize the KRW 4.4 billion raised in Series A funding to enhance its logistics systems, improve custom curation, and strengthen its branding efforts. The company is also working on expanding its market presence, specifically targeting Singapore for future growth. These initiatives are expected to advance ClosetShare's mission of providing greater accessibility to premium fashion in new regions.

## Funding rounds

- Series A, Sep 11, 2019, $3.7M — 500 Global, KDB Bank, SparkLabs Global Ventures, D3 Jubilee Partners
- Seed, Apr 3, 2018 — Kakao Ventures

## Investors

- Kakao Ventures (https://capitalatlas.ai/funds/kakao-ventures) — Seed
- 500 Global (https://capitalatlas.ai/funds/500-global) — Series A
- KDB Bank — Series A
- SparkLabs Global Ventures (https://capitalatlas.ai/funds/sparklabs-global-ventures) — Series A
- D3 Jubilee Partners (https://capitalatlas.ai/funds/d3-jubilee-partners) — Series A