Venture capital (VC) funding of 50 billion won has poured into the digital clothing solution corporations CloverVirtualFashion.
According to the VC industry on the 16th, CloverVirtualFashion secured 50 billion won in series C funding. Atnum Investment led this investment round as the lead investor, with participation from IMM Investment and others.
CloverVirtualFashion, established in 2009, is a three-dimensional (3D) clothing simulation corporation. Its core technology is a clothing design software capable of reflecting textile properties, and it counts Hugo Boss, Nike, and Arc'teryx among its clients.
This funding round marks the first since raising series B funding in 2014, nearly 10 years ago. The corporation recorded a profit of 3 billion won in 2018 and has not received funding since, making an operating profit every year. Last year, the operating profit was recorded at 900 million won.
CloverVirtualFashion plans to expand its business scope. The corporation aims to enhance the usability of existing users while consolidating the processes of design, production, marketing, and consumption, as well as expanding its business areas into sectors such as film.
Kim Je-wook, vice president of Atnum Investment, who led the investment, noted, “CloverVirtualFashion has been leading the adoption of 3D technology in the fashion industry and has rapidly grown. I expect it to further solidify its leading position in the global digital fashion market.”