IDG Capital, a venture capital affiliate of media firm International Data Group, has participated in a $20m series B round for China-based fashion leasing platform YCloset, China Money Network reported on Monday.
Private equity firm Pan-Lin Asset Management led the round, which included VC fund Zhen Fund and VC firm GSR Ventures.
YCloset operates an online service similar to that of US-based counterparts such as Rent the Runway, allowing paying subscribers to rent fashion items for short periods of time. The service covers 40 Chinese cities and has more than 100 fashion partners.
The funding will be used to scale YCloset’s business as it looks to seal more partnerships with new fashion brands.
GSR Ventures invested a seven-figure dollar amount in the company in 2015 before IDG Capital led a series A+ round in April 2016 that secured YCloset an eight-figure dollar sum.