NEW YORK, NY, Rebagg, an end-to-end luxury resale service, today announced the close of an $8.0 million Series A funding round.
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The round was led by existing investor General Catalyst, with participation from FJ Labs (the holding company of Fabrice Grinda and Jose Marin), Metamorphic Ventures, Crosslink Capital, Founder Collective and Big Sur Ventures-Necotium.
With the new financing, the company plans to scale its marketing and operations, including making key hires, opening a new warehouse on the west coast and expanding its at-home pickup procurement service to additional cities such as Los Angeles, San Francisco, and Chicago.
Rebagg purchases pre-owned designer handbags directly from individual owners who simply submit pictures to Rebagg in exchange for a guaranteed price quote. Once the quote is accepted by the owner, the product is either picked up via free courier in New York City, or is shipped for free within the United States. Sellers receive payment within two to three business days of Rebagg's receipt of their item.
'Rebagg provides a frictionless consumer experience for previously-owned luxury goods. The company enables sellers to get paid within days,' said Adam Valkin, managing director, General Catalyst. 'This business is about execution and Charles and his team have gained significant traction over the past year, securing a sourcing network of over 3,500 third-party stylists, personal shoppers and retail sales associates with a unique and proprietary supply of luxury inventory.'
'As we've seen in our investments in other verticals, when a company provides a superlative end-to-end experience, entirely new behaviors can emerge,' said Fabrice Grinda, investor. 'The resale market for luxury handbags is largely untapped. There are $12 billion worth of handbags sold every year in the U.S and Rebagg can purchase items from the past 10 years. That represents a pool of inventory in excess of $50 billion at current value.'
Following its $4 million seed round raised in 2015, the company experienced strong traction with current monthly revenues growing 7 times since January 2015. 'With an average transaction value of over $1,200, we are very excited to expand our marketing, operations and procurement services to reach our growing sourcing network,' said Charles Gorra, CEO, Rebagg.
Co-founded in 2014 by Charles Gorra and Erwan Delacroix, Rebagg aims to create a seamless selling process for pre-owned luxury products. Users can submit pictures on www.rebagg.com or the Rebagg app to receive a free and guaranteed quote within one business day. The company offers complimentary pickups in NYC, and free shipping boxes across the US. Sellers receive payment within 2-3 business days of receipt. The company is based in NYC and employs a team of 30. All handbags are thoroughly checked for authentication and quality. The curated selection is resold at a significant discount on www.trendlee.com, the luxury e-commerce site operated by the company.