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Clozette Pte. Ltd., a Singapore-based social platform focused on fashion and beauty content, announced its $10 million Series C round on Tuesday.
The investment comes from Cool Japan Fund, a public-private effort under the Ministry of Economy, Trade and Industry of Japan (METI) that provides risk capital for companies promoting overseas commercialization of Japanese products and services in the media, food, fashion and lifestyle spaces.
The nine-year-old Clozette marries editorial oversight with user-generated content and provides brands with related digital marketing solutions. It is currently active in Singapore, Malaysia, Indonesia, the Philippines, Japan and Taiwan.
“Consumers today are blocking ads but consuming content at unprecedented rates on their platform of choice. In the same breath, they demand more authenticity, interactivity and mobility in their experience,” Clozette CEO Roger Yuen said in a statement. “Marketers must embrace this pivotal shift in media consumption behaviors in order to keep up with generational shifts in perception.”
The investment will be used to build out Clozette’s data and analytics platform, expand the platform into Thailand and establish the Cool Japan Ecosystem, an interactive feature set to launch in June that will allow users to purchase products that embody “Cool Japan” directly through Clozette.
Competitors in this space are moving away from pure ad-driven social networks toward shoppable experiences that encourage conversation while driving spur-of-the-moment purchases. StyleSaint, for example, allows luxury goods makers to sell their products directly to consumers through its social platform, and FashionTap, a photo-driven social app, enables consumers to tag brands worn in photos to earn money from product links and affiliate programs.
Another similar platform, Dote, landed $12 million in Series B funding on Tuesday. In addition, it rolled out live-streamed “Shopping Parties” that allow users to interact with fashion influencers in real time while browsing products.
Social media giants have also begun enabling shoppable features that keep users in-app, with Instagram launching Instagram Checkout on March 19.
Clozette has raised $16.4 million to date, according to Crunchbase. The company reports that it has reached profitability with 2018 revenue 140% higher than the year prior, primarily driven by its Indonesian subsidiary. Clozette previously secured funding from Walden International and Phillip Private Equity.