Second-hand fashion platform Reflaunt has raised 2.7 million dollars in a pre-Series A funding round led by the investment arm of MadaLuxe Group.
Reflaunt is a resale-as-a-service (RaaS) tech company allowing customers to resell or recycle their past purchases directly on the brands’ individual e-commerce platforms. The products are then offered for sale on more than 20 marketplaces across North America, Europe, the Middle East, Southeast Asia and Australia - reaching over 30 million second-hand buyers worldwide.
Participating investors in the pre-Series A funding included the likes of former Jimmy Choo CEO and Coty senior advisor Pierre Denis, Ganni founder and former CEO Nicolaj Reffstrup and Amsterdam-based sustainable fashion accelerator Fashion For Good.
Reflaunt said it will use the money to add top talent to its technology and business development teams as it expands.
“By now, the entire fashion industry is well aware that sustainability is both a societal and business imperative,” added Sandy Sholl, co-founder and executive chair of MadaLuxe Group, a worldwide distributor of luxury fashion. “We’re confident that our investment in Reflaunt will deliver a significant impact culturally and socially.”
Image: courtesy of Reflaunt, Facebook