South Korean fashion e-commerce platform Brandi Inc. has embarked on a 67 billion won ($51 million) funding round, hoping for around 800 billion won in valuation.
If the funding goes to plan, Brandi will be close to becoming a unicorn or a privately held startup with at least $1 billion in valuation. Its accumulated investment will end up at around 170 billion won.
Led by Korea Development Bank, existing institutional investors Atinum Investment, Translink Investment, and Noh & Partners are considering additional funding.
Naver Corp., which injected a total of 30 billion won over two different rounds, is also considering further investment.
Last November, Brandi received 31 billion won in the previous funding round, when investors put its corporate value at around 700 billion won.
Brandi is the operator of a number of shopping apps; its namesake Brandi, which targets women in their 20s and 30s, Hiver for men’s fashion, and Plare for 30-something female fashion.
Back in April, the company acquired its competitor D-Unit, which operates the shopping platform Seoul Store that carries more than 2,700 clothing, beauty, and fashion accessories.
Through the D-Unit acquisition, Brandi cemented its status as "the vertical platform" with items from Dongdaemun Market wholesalers and online fashion brands.
The startup was also the first to incorporate the same-day delivery service last year after building a fulfillment center in Dongdaemun stretching across 13,223 square meters.
Brandi grew at an annual rate of 200% since its inception in 2016.
Last year’s revenue stood at 138.2 billion won.
The fashion e-commerce startup is expected to use the fresh injection of funds for overseas expansion. It launched Brandi Japan last October and kickstarted its localization.
Write to Si-Eun Park, Jong Woo Kim at seeker@hankyung.com
Jee Abbey Lee edited this article.
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