Recurate’s co-founders Adam Siegel, CEO, and Wilson Griffin, COO, reckon they know why. Third party marketplaces such as Vestiaire Collective, Thredup, Poshmark and The RealReal have been at the forefront of resale development, but some players are struggling with profitability despite sales growth. The luxury resale market was valued at $25-$30 billion in 2020 and is expected to grow 10 to 15 per cent a year over the next decade, according to McKinsey. The company says it will use the funding to streamline the integration process for brands, including enhanced data analytics solutions that allow brands to resell unsold inventory and monetise unsellable product returns authentication and digital ID integrations advanced solutions to support vintage sellers, auctions, repairs and upcycling opportunities and image based product recognition. Its latest funding round, concluded on 28 April and led by Jump Capital, brings total investment in Recurate to $17.5 million. Recurate currently works with more than 40 brands including Steve Madden, Another Tomorrow and Mara Hoffman, and expects to top 100 brand partners by the end of the year. The process uses the original brand description and imagery, estimating the resale value based on original pricing and product quality. Recurate says its technology offers an alternative to the third party resale model, enabling brands to have a slice of the resale pie.įounded in 2020, the platform uses customer order history and data from brand catalogues to allow customers to resell items directly on the brand’s e-commerce store. Recurate, a tech platform that enables brands to offer peer-to-peer resale on their own e-commerce sites, has raised $14 million in a Series A funding round, the second-largest funding for a resale platform. Find out more about Recurates approach to recommerce and its plans for its latest funding round in the following article. The process allows customers to purchase items from brands as usual, then return to the site to sell used items peer-to-peer and receive payment through the site. Recurate is mastering the art of resale, or recommerce, by making it easy for brands to integrate the process directly on their website.
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