Online fashion shopping website 29CM has declared that they’ve received 3 billion won in investment from Silicon Valley venture Altos Ventures.
29CM is an online fashion shopping website operated by aplusb – a branch of GS Home Shopping. Clothing, fashion and lifestyle goods, home appliances, and food and drink are sold on 29CM.
29CM offers a ‘GUIDE TO BETTER CHOICE’, focusing on providing high quality brands instead of low prices or large quantities. 29CM promotes products through various media channels. Their customer base is very stable.
29CM’s mobile app also won the German Red Dot Award of 2014 and IF Design Award of 2015, making it the only Korean shopping app to win two of the world’s top three design Awards. It also won the App Store’s ‘Best of the Year 2014’ Award.
aplusb representative Lee Changu started his business in 2001, creating a perceptual design store ‘10×10’. Gross revenue of 29CM has grown by 20 billion won each year in the past 5 years from 2011, showing strong development momentum of 200% growth each year.
Lee Changu stated, “The investment from Altos Ventures means that what 29CM has done in the e-commerce market has been validated. With the opportunity of investment, we expect a rapid growth in 29CM in the future.”