YCloset raises Series B $20m from Pan-Lin Asset, IDG

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Chinese women clothing rental platform, YCloset has raised a $20 million, led by Pan-Lin Asset Management Co Ltd, a Shanghai based private equity firm, the China Money Network reported.

Other investors that participated in the round include IDG Capital, a Chinese investment firm, Zhen Fund, a Beijing based seed stage venture firm and GSR Ventures, a venture capital fund that invests in early and growth stage technology.

At YCloset, users can enroll for a monthly fees of about $72.3 and rent clothes and accessories free of charge.

The latest investment round will be used to expand their network with entry level luxury brands and expand its business, the report added.

Founded in 2015, the Beijing-based online platform operates in about 40 cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen.

They have partnered with over a hundred fashion brands providing the rental service.

Prior to the latest round, in 2016, the company raised a series A+ round led by IDG Capital and in 2015, it had raised an investment from GSR Ventures.

China also has other clothing and accessory rentals platforms such as Ms Paris which lets users rent luxury dresses and has raised a $18 million series A led by Northern Light Venture Capital, an early and growth stage investment fund that supports tech and consumer service companies.

Dora’s Dream, which provides daily clothes for women also raised $12 million series A+ from Legend Capital, a venture capital led investment.

One More Closet is another startup based in Shanghai that allows users to rent formal attire. Yi23.net is also a place where subscription based rental for women clothing are available.

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