Taiwan-based fashion and social-commerce startup, RE.MU, today announced that it has received an undisclosed amount of funding from KAMIA and TMI Holdings. The investment has been said to be used for growth, acquisition and partnership purposes.
Founded by Emily Yang and Alvin Woon, the service works to glorify each user’s closet through photographs. While RE.MU’s iOS app was rolled out last month, the company is taking the opportunity to launch the product on the Android platform.
Woon declined to reveal RE.MU’s current user numbers, as the product is still relatively new in the market. However, there have been about 50 users who have been selected to appear on fashion magazines and media spaces. He told e27, “Last month around 50 of our users were featured by regional fashion magazines. Two months ago, 20 of them. They do this every month.”
Woon first came up with the idea when he saw that females are constantly repeating questions like ‘How much is that purse for?’ or ‘Is that a YSL?’. He wanted to create an app which helps keep track of friends’ closets and allow social sharing of style and fashion items.
RE.MU happens to have an extremely targeted crowd. Consisting of mostly females, fashion lovers and Instagram users, Woon said that the social commerce fashion startup also has seen early traction from US, Taiwan and Japan.
While the targeting might be working for the startup to get good click-through rates for its shop section, Woon added that affiliate marketing “won’t work in the long run for Asian markets”. This is based off his experience as the Co-founder of Plurk, a social networking and micro-blogging service.
The shop section allows users to browse some of their partners’ online stores. The entire solution is paired with an in-house developed self-learning recommendation engine, Taste AI, which is set to expand rapidly with the most recent round of funding. Taste AI bases style and product recommendations off user interactions on the site, like voting, viewing and commenting history.
Woon also claimed that RE.MU has more than 50,000 uploads into user closets and 200,000 votes or comments right now.
In the future, RE.MU might venture into several monetisation ideas like becoming a marketplace for peer-to-peer selling of products or a Reddit-like community with premium features that come at a fee. Woon said, “In addition to that, brands and e-commerce companies have shown great interest in working with our users. Our users are already making money before we do but I’m fine with that.”
With quite a number of social commerce fashion startups out there, what makes RE.MU think it can one day be a “big marketplace” or own a large portion of the community? Woon said that the team has a strict focus on curation. He added, “No product catalogue or Miranda Kerr photos, unless you are well, Miranda Kerr. We do heavy censorship to allow community content to flourish.”
RE.MU will also be making several acquisitions in time to come. This includes an expansion of their tech, community and marketing teams. Woon said that he is looking for people who believe in “sustainable fashion and love figuring patterns within a random set of data”.