Fashion app Queenit raises $9 mn from VC firms

Queenit, a South Korea-based fashion mobile platform targeting women in their 40s and 50s, has raised 10 billion won ($9 million) from venture capital firms, bringing the total amount raised to around 16.5 billion won.

According to the VC industry on July 28, the fashion platform has secured an additional 10 billion won from investors including Atinum Investment, SoftBank Ventures, Company K Partners, Bass Investment, and Klim Ventures. The investment comes five months after wrapping up the Series A round earlier in January.

Queenit is a mobile app that offers clothing brands from department stores such as BCBG and Marie Claire, which are favorites of female shoppers in their 40s and above. Their selection of brands targets middle-aged shoppers who prioritize quality over trend.

The app has been downloaded over 1.7 million times just eleven months after its release, solidifying its position as a frontrunner in the fashion app market for female consumers in their 40s and 50s. Since January, the company has seen its transaction volume surge over tenfold.

Queenit plans to use the funds to bolster its artificial intelligence-powered product recommendations alongside securing more designer brands and promoting brands that are available on its platform. The company also plans to hire additional employees.

"We anticipate Queenit to post strong growth considering that there aren't many mobile fashion apps on the market that target women in their 40s and 50s," said Kim Je-wook, the managing director of Atinum Investment.

By Jenny Kim