A stylist’s online clothing selection service with home delivery, Style Box, has attracted investments worth 15 million rubles from the Internet Initiatives Development Fund (IIDF). This was reported to RB.RU by a representative of the fund.
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As a result of the transaction, the fund increased its stake in Style Box to 21.02%. In the fall of 2023, the project went through the IIDF acceleration program and received pre-seed investments: 5 million rubles in exchange for a 7% stake in the business.
The IIDF valued the startup’s business at 71.4 million rubles.
It should be noted that during three months of acceleration, Style Box’s sales volume increased sixfold; In February 2024, monthly revenue exceeded 2.7 million rubles, 35% more than in January.
“Due to the impressive dynamics, based on the results of the acceleration, the IIDF decided to provide the startup with initial financing in the amount of 15 million rubles, of which the fund allocated 6.75 million rubles in December 2023 , in March this year the The second tranche worth 8.25 million was made in rubles,” the IIDF said in a statement.
Global e-commerce market growth in the clothing and footwear segment in Russia has doubled over the past four years, amounting to 945 billion rubles by the end of 2023. Style Box plans to reach 1 billion rubles in revenue in the next three or four years.
- StyleBox was founded in 2021 by Olga and Sergey Kim. Through StyleBox, the user can choose a wardrobe with home delivery. In May 2021, the startup raised 18.1 million rubles from Denis Tsypulev, known as the co-owner of Persona beauty salons.
- According to the Kontur.Focus system, as of January 31, 2024, 55.4% of Style Box LLC belongs to Sergei Kim, 30.84% to Olga Kim and 13.76% to FRII Invest LLC.
Author:
Anastasia Marina
Source: RB
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