Rawrow on June 20 announced that it had signed a contract to get funding from Shinsegae International, a fashion arm of Korean conglomerate Shinsegae.
According to Rawrow, it handed some of its shares to the Shinsegae affiliate but declined to disclose the specific figures.
“Securing the management know-how and infrastructure to grow the business further is necessary for startups with brilliant ideas,” said Rawrow CEO Lee Eui-hyun. “For us, securing this funding was meaningful as we are now able to access strategic support from a retail giant with global brand management expertise.”
Established in 2011, Rawrow is an accessory maker known for its practical designs. The company became popular through going viral on social network services such as Facebook. It was also invited to open a pop-up store in 2015 at the headquarters of Facebook in the US. Facebook Asia-Pacific headquarters also contacted the firm to be a model for its brand video project in 2017, after seeing Rawrow successfully advertising its brand through the platform.
According to the startup, it has been posting around 10 billion won ($8.7 million) in annual sales over the last few years.
Currently, the company exports its product to 13 different countries including Japan, China, Singapore and Germany.
By Song Seung-hyun (firstname.lastname@example.org)