S. Korean fashion platform operator Ably looks to raise 40 billion won

South Korea-based fashion platform operator Ably Corporation is seeking to raise around 40 billion won by attracting a pool of major domestic venture capital firms.

The company's valuation is estimated to reach around 400 billion won with the funding.

Last September, the company raised 37 billion won from investors including the Korea Development Bank, LB Investment, and Kolon Investment to push its enterprise value at around 300 billion won.

Once the latest funding round wraps up, the company would have raised over 80 billion won.

Founded in 2015, Ably Corporation's Ably app started as a fashion platform offering celebrity-designed styles.

The company has since created a platform that helps individuals open up shopping malls. It also uses big data to provide personalized recommendations for its fashion app users.

Last July, it was selected as a pre-unicorn by the Ministry of SMEs and Startups

Ably Corporation posted 52.6 billion won in revenue in 2020, up by 66 percent on-year. However, it suffered an operating loss of 38.4 billion won.