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Resale platform Recurate raises $14 million

YarnsandFibers News Bureau 2022-05-17 14:53:09 – United Kingdom

Recurate, a branded resale technology company, has secured $14 million in capital to help it grow and extend its offerings.

Jump Capital led the fundraising round, which also included Gradient Ventures, XRC Labs, Victress Capital, Revolution's Rise of the Rest Fund, and AngelList Early-Stage Quant Fund. It takes Recurate's total financing to more than $17.5 million.

Recurate was formed in 2020 with the goal of providing businesses with the technology they need to provide their own resale services via specialized marketplaces.

The financing will be used to expand the company's array of services, with an emphasis on data analytics, inventory solutions, connected items, sustainability, enhanced merchandising, and image-based product recognition.

Adam Siegel, Recurate founder and CEO, said that Recurate was developed to quickly and elegantly incorporate resale into every commerce experience, enhancing the sustainability, customer loyalty, and income of their companies.

Siegel added that they've already pushed out connections with e-commerce platforms, loyalty programs, fulfillment/logistics providers, and digital ID technologies. They are pleased to deliver even more creative solutions to brands with this investment so they can profit from the surge in resale participation.

The investment comes as the fashion resale industry heats up, spurred by rising consumer and investor demand for more ecologically responsible design solutions.

Recurate presently collaborates with over 40 fashion, accessories, outdoor, and footwear brands, including Steve Madden, Frye, and Mara Hoffman.

It hopes to increase this number to more than 100 brand partners by the end of the year.

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