Legend Capital leads $12m round for China clothing rental site

Shanghai-based clothing maker La Chapelle Fashion also participated in the round, according to 36kr. The new capital will be used to improve the company’s supply chain and give customers more choice by adding more brands, both domestic and foreign, to the platform.

Dora’s Dream was founded in 2015 to give women in Chinese tier-two and tier-three cities access to fashionable clothes on a temporary basis that they would otherwise have difficulty obtaining because of price or accessibility issues. The company helps match customers with appropriate outfits based on their tastes and body type, delivers and collects the clothes, and cleans and stores them between users.

Currently Dora’s Dream claims to have 500,000 registered users and 60,000 paying members, and to partner with more than 20 garment manufacturers in China. By demonstrating consumer interest in the clothing rental model and improving its supply chain to reduce wastage and speed up delivery times, it hopes to attract other suppliers to do business on the platform.

The investment follows an $18 million Series A round last month for Ms. Paris, a rival of Dora’s Dream with a similar business model, led by Northern Light Venture Capital. Matrix Partners China and China Growth Capital also participated in that round.

Legend, founded in 2001, is an independent VC investment subsidiary under China’s Legend Holdings. It targets early-stage venture and expansion-stage growth capital deals, in a range of sectors including consumer and retail; technology, media and telecom (TMT); advanced manufacturing; cleantech; and healthcare.

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• Topics
• Greater China
• Technology
• Consumer
• Early-stage
• China
• TMT
• Legend Capital