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.
Recurate says its technology offers an alternative to the third party resale model, enabling brands to have a slice of the resale pie.
Founded 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. The process uses the original brand description and imagery, estimating the resale value based on original pricing and product quality. 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. Its latest funding round, concluded on 28 April and led by Jump Capital, brings total investment in Recurate to $17.5 million.
Source: Vogue Business
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