Rebagg, an online resell market for designer handbags, has raised $8 million in Series A funding to continue the pace of rapid growth.
There are a lot of designer clothing and handbag resellers out there, including Tradesy, TheRealReal, and even secondary markets out of RenttheRunway or eBay. So Rebagg is not without competition.
But General Catalyst, which led the latest round, believes Rebagg’s approach to removing retail middle persons and incorporating a fast payment to sellers “within days” give Rebagg an edge in the market.
“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,” GC’s Adam Valkin told TechCrunch.
Existing investors FJ labs, Metamorphic Ventures, Crosslink Capital, Founder Collective and Big Sur Ventures-Necotium seem to back up GC’s bet and threw their hats into this one.
General Catalyst also led Rebagg’s $4 million seed round last August. The new funding now puts the total raised at close to $13 million, including the $800,000 angel funding from various investors.
Rebagg says it plans to hire for marketing and operations positions with the new funding, including a few key hires. It also plans to expand into a new warehouse space in Los Angeles and San Francisco to hold inventory on the west coast as well as Chicago.