Tokyo-based tech start-up Vasily[J], who is known for running a fashion recommendation site called iQon, has fundraised JPY140M (approx. USD1.7M) from Itochu Technology Ventures and GMO Venture Partners.
iQon does not sell clothes online but recommends you a bunch of ready-to-wear collection of fashionable clothes, accessories and shoes etc. with links that take you to sales stands of online fashion retailers that the company has partnered with. You can create a collection of your own on the site, which the other users may prefer, and the company will give away rewards to users whose collection particularly impress others. Every time you purchase a piece of clothes through any of collections showcased on the site, the company can receive a commission from the retailer that you have actually purchased it at. All clothing pictures on the site are being collected from the websites of the retailers. They will use the raised money to develop smartphone apps that may encourage more customers to join the service, which is expected to be introduced this summer.
Vasily was launched two years ago by two men who had been previously worked with Yahoo Japan and been involved with development of their fashion e-commerce services[J].
Masaru IKEDA