VCs in $6.5m round for Japan’s LaFabric
Globis Capital Partners has joined a group of venture capital firms in a JPY740 million ($6.5 million) funding round for Lifestyle Design, the Japanese operator of men’s custom-made fashion marketplace LaFabric.
Existing investors Nissay Capital and Spiral Ventures also participated, alongside government-backed financial institution Japan Finance Corporation. According to a statement, the capital will be used to develop the company’s direct-to-customer sales model by expanding the accessibility and range of the existing product portfolio.
LaFabrica uses a cloud-enabled online platform that lets customer order tailor-made shirts and suits using stored measurement data. It also develops original fabrics, including a “tech” series based on high-performance materials and a “social” series that focuses on environmental sustainability.
Lifestyle Design received a JPY400 million round earlier this year from Nissay, Spiral, Chibaqin Capital and Future Venture Capital. Nissay also invested JPY100 million in the company in 2015.
Founded in 1996, Globis invests Asian companies across a range of sectors and development stages with an emphasis on active portfolio management. The firm closed its fifth fund last year at JPY16 billion with a view to concentrate on IT, financial technology, healthcare and telecommunications businesses.
Recent investments include mortgage services provider MFS, digital media player Tabo Labo, and mobile advertising company Open8. Globis has also backed Mercari, a customer-to-customer online retailer that was said to be Japan’s first start-up to achieve a valuation in excess of $1 billion.
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