Japan-based fashion apparel marketplace Fabric Tokyo secured ¥1.35bn ($13m) in convertible equity and debt financing from investors including retailer Marui, cosmetics producer Pola Orbis and design studio Takram yesterday.
Chiba Dojo Fund and angel investors including Fumiaki Koizumi, Shōji Kodama and Tommy Tomishima filled out the investors together with unnamed companies, while Marui participated through its D2C&Co subsidiary.
The capital represents the first tranche of a round with a second close scheduled for 2021.
Founded in 2014 as LifeStyle Design, Fabric Tokyo provides made-to-measure business clothing. It runs 14 physical stores across various Japanese regions, where customers can have measurements taken that are then stored on the cloud for later online purchases.
Marui had already supplied a 10-digit yen (¥1bn = $9.1m at contemporary rates) amount for Fabric Tokyo in mid-2019 that pushed its overall funding to over $18m.
Globis Capital Partners and Nissay Capital, respective vehicles for education services provider Globis and insurer Nissay, participated in a $6.7m round for the company in 2017, investing alongside Spiral Ventures (then known as IMJ Investment Partners Japan).
