- Robyn Turk |
Luxury resale platform Rebag continues to grow. The company raised 15 million dollars in its latest round of funding, led by private equity firm Novator and including backing from existing investor General Catalyst. Rebag's total funding raised is 68 million dollars.
In a company statement, Rebag noted that its recent funding demonstrates an industry belief that a circular fashion model is the future of retail.
"Over the last few years, we've witnessed the tremendous growth potential of the resale market," Novator partner Birgir Ragnarsson commented. "I am a firm believer in Rebag's unique positioning, luxury expertise and cutting-edge innovation. By continuing to be a leader in the secondary market, Rebag bridges the gap between technology, luxury, and the future of retail."
Rebag will use its new funding to build upon its integrated technology, such as its Clair by Rebag tool. It also plans to scale its Infinity Program, which allows customers varying tiers of credit to trade in a Rebag purchase for a new style, with up to a year to make a selection.
"We are so proud of what we have accomplished in all areas of our technology. We look forward to expanding our capabilities and sharing them with our customers," Rebag founder and CEO Charles Gorra said. "We believe the current environment is going to accelerate the transition towards resale. At Rebag we built a brand and a platform that can cater to that growing audience. New opportunities will arise, and we are gearing up to capitalize on the secular trends towards resale ubiquity."