Clozette is a Singapore-based leading social network for women that announced it raised $10 million in Series C funding. With Clozette, contemporary women have been connecting through content involving beauty, fashion, and wellness.
This round of funding was led by Cool Japan Fund, which is a public-private fund under the Ministry of Economy, Trade and Industry of Japan (METI). And it provides risk capital for businesses with the aim of commercializing the “Cool Japan” concept.
This funding round will be used for accelerating product innovation, driving international expansion starting with Thailand, and developing an interactive “Cool Japan” ecosystem that brings Japanese culture to a new generation of consumers.
Founded in 2010 by CEO Roger Yuen, Sales & Business Development Director Cheryl Tan, and Content & Product Director Kersie Koh, Clozette has launched a new category of storytelling that combines editorial authority and curated user-generated content.
“This investment from Cool Japan Fund solidly validates Clozette’s vision of authentic content marketing taking center stage. Content is king – consumers today are blocking ads but consuming content at unprecedented rates on their platform of choice. In the same breath, they demand more authenticity, interactivity, and mobility in their experience. Marketers must embrace this pivotal shift in media consumption behaviors in order to keep up with generational shifts in perception,” said Yuen in a statement.
Clozette has a team of more than 90 employees based in South East Asia and Japan. And the company delivers brand content that incorporates original work created by an expansive network of over 3,500 creators that includes a collective social reach of 600 million. And Clozette’s interactive Cool Japan Ecosystem is expected to launch in June.
The company has worked with more than 300 brands and media agencies including Estee Lauder, Shiseido, Amore Pacific, Zalora, Charles & Keith, Procter & Gamble, Unilever, Johnson & Johnson, Beiersdorf, GroupM, IPG Mediabrands, and Omnicom Media Group.
“We are impressed by Clozette’s management team of digital veterans and entrepreneurs, and excited to work with them as the company accelerates the transformation of digital and traditional marketing in Asia and beyond,” added Cool Japan Fund COO and CIO Yuji Kato.
“The DNA of the Clozette dovetails with Cool Japan Fund’s mission to promote Japanese fashion, beauty, food, travel and lifestyle to consumers around the globe. Part of the investment will go towards the creation of a multi-lingual Cool Japan Ecosystem that enables the discovery of actionable and shoppable ‘cool’ content about Japan, leveraging the company’s unique storytelling capabilities and network of talents to attract a new generation of fans of Japanese culture in the region and beyond,” he added.