The company will use the funds to fuel its expansion, after signing partnerships with brands including Mara Hoffman, Frye, La Ligne and Re/Done.
Recurate was launched in February of 2020 by former Gap Inc. executive Wilson Griffin and former Retail Industry Leaders Associations executive Adam Siegel. It helps brands integrate resale into their websites, allowing them to operate their own peer-to-peer marketplaces and offer users store credit or cash in exchange for sales. Similar to other resale sites, sellers upload photos and a description of the product, which is then verified by the company and listed on the site.
Interest in such services are growing, as resale gains traction. Gradient Ventures led the seed round.
The Future of Fashion Resale Report — BoF Insights
BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy. To explore the full report click here.
The Future of Fashion Resale is the first in-depth analysis to be published by the BoF Insights Lab, a new data and analysis unit at The Business of Fashion providing business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.