StyleTribute secures $1.1m funding boost
Singapore-based online fashion marketplace StyleTribute has won $1.1 million in fresh funding from European investors.
The series A investment includes contributions from a European family office and private individuals.
StyleTribute was founded by CEO Stephanie Crespin in 2013. Crespin said the investment would be used to expand the business’ operations and marketing in Singapore and Malaysia and fund expansion into one more, as yet unnamed, market.
The online-only concept plans to adapt its focus to encourage consumers to upload their own brand-name women’s and children’s clothing and accessories for resale. Mens clothing will be added soon.
The company has revealed a 500 per cent increase in its database since it raised initial seed funding of $300,000 and that between 50 and 60 per cent of its customers were now returning shoppers. The average basket size has grown from $216 in 2015 to $360 as more consumers feel confident with the site’s security and the products’ authenticity.