South Korean startup Rapportlabs raises 34 billion won to expand its mobile fashion platform for women in their 40s and 50s
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Rapportlabs has successfully secured 34 billion won in its Series B2 funding round. The South Korean startup operates Queenit, a mobile fashion platform tailored for women in their 40s and 50s.
Altos Ventures led the Series B2 round, joined by existing investors Kakao Ventures and Atnium Investment. Remarkably, Rapportlabs has attracted a total of 70 billion won in investments in less than three years since the launch of its services, receiving recognition for its promising growth potential.
Launched in September 2020, Queenit has quickly become a prominent fashion app for women in their 40s and 50s. It boasts a portfolio of over 1,300 brands, including popular names like Nice Class, Minimum, Metrocity, Valencia, and Shoes Miss. Notably, Queenit has been generating monthly profits since March of this year and is swiftly establishing itself as a key player in the fashion market for this age group.
The app’s success can be attributed to its focus on providing a convenient shopping experience for women in their 40s and 50s. It curates only high-quality brands and products, offering sizes optimized for its target audience. Queenit also features a hassle-free 3-second membership registration process and employs an AI-based recommendation system that suggests products matching users’ tastes.
Choi Hee-min, co-CEO of Rapportlabs, expressed confidence in the company’s achievements so far, stating, “The Rapportlabs team has proven the great appeal of the mobile fashion market for women in their 40s and 50s through previous investments and service growth.” Now, with the market flourishing, they plan to expand their business more actively and aggressively.
With the recent funding, Queenit aims to bolster its marketing efforts to support partner brands, discover new designer brands, diversify into new categories, enhance AI-driven recommendation services, and produce TV commercials. Additionally, the company plans to conduct significant recruitment drives to secure top-tier talents for its future endeavors.
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