Women’s clothing rental firm YCloset received USD 50 M for Series C
YCloset
Founder: Liu Mengyuan
Founded in: 2015
Financing status: RMB 326 million (USD 50 million) for Series C financing in 2017
Women’s clothing rental firm, YCloset, received USD 50M for Series C on September 6 to optimize the user experience.
YCloset is a women’s clothing rental firm that lets users rent clothing, dresses, and accessories for free by paying a monthly subscription fee of RMB 499 (USD 72.3). YCloset is currently connecting its clothing rental services with Alibaba’s Sesame credit to enable users with high credit scores to rent clothing without a deposit.
Founded in 2015 in Beijing, YCloset is establishing new warehouses to improve its efficiency to meet users’ demands. It is also working with its partners to build a smart laundry factory, so that it can pair different clothing with the appropriate washing technology. Additionally, users can buy the clothing for a discount after renting it.
This new financing round was led by a group of investors, including Alibaba, SB China Capital, and Sequoia Capital, with existing investors, GSR Ventures, IDG Capital, and Zhen Fund participating. The company plans to use the funds to push its market expansion plans, as well as improve its smart management to provide a better user experience.
Co-working and incubator startup Krspace received USD 14M for Series B
Krspace
Founded in: 2014
Financing status: RMB 100 million (USD 14 million) for Series B financing in 2017
Co-working and incubator startup, Krspace, received USD 14M for Series B on September 5 to release the new version of its co-working office.
With the development of co-working offices in China in recent years, its business model has evolved to become an incubator with community features. These types of co-working offices mainly serve the “Internet innovation crowd”, providing them with relevant enterprise services, from establishment to financing. Most startups in their angel round tend to work in a co-working office for financial reasons, though most of them aspire to move to high-end closed and fixed working spaces once they finish their Series B financing round. So most co-working space startups are designed to meet these startups before their Series B round.
Krspace is a co-working and incubator startup that provides startups with relevant enterprise services. Its co-working space covers three areas with specific features: an area for communication, another area only for members, and a closed working space. Meanwhile, it is also an incubator that introduces startups to promising opportunities, providing them with financial support as well as human resources and other enterprise services.
Founded in 2014 in Beijing, its services have covered most of China’s first- and second-tier cities, such as Beijing, Shanghai, Hangzhou, and Tianjin. It has more than 148,000 square meters of co-working space in operation, with an occupancy rate of over 95%.
This new financing round was led by IDG Capital. The capital will be used to release the new version of a co-working office, with new designs and advanced features, such as the audio and video system, online community, and emote operation and management services.
（Top photo from 58pic.com）