Fashion tech-focused VC firm Lyra launches second fund

Lyra Ventures, a Singapore-based early-stage venture capital firm focused on fashion tech, has launched its second fund, with Japanese fashion conglomerate TSI Holdings as key investor.

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The company, however, did not disclose any financial details.

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General Partner of Lyra Ventures Reina Nakamura. / Photo credit: Lyra Ventures

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With the new fund, Lyra looks to focus on global opportunities, particularly in Southeast Asia, the US, Israel, and Europe, the company told Tech in Asia. The firm also said it’s interested in working with companies that are ready to expand to Japan and Southeast Asia.

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The deal with TSI complements Lyra’s existing partnership with Japanese ecommerce firm Zozo, according to a statement.

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Formerly known as Start Today Ventures, Lyra was founded in 2017 to support companies across the fashion value chain, including new-retail models, SaaS businesses, and materials innovation.

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According to the company, the fashion and retail industry is rapidly changing, with companies investing more in digital platforms, AI analytics, and processing technologies, among others.

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The firm earlier invested in Syte AI, an Israel-based visual AI company whose clients include online luxury fashion retail platform Farfetch, Marks & Spencer, and online fashion retailer Boohoo. Other portfolio companies include UK-based SaaS platform Mercaux, Thai fashion ecommerce startup Pomelo, Indonesian lifestyle brand Brodo, and Singapore-based retail tech company Pixibo.

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Most recently, it invested in US-based Neighborhood Goods, which is reinventing the department store experience with various community-based activities. It is the firm’s first investment in the country.