Recurate, a branded resale technology company, has raised 14 million dollars in funding to accelerate growth and expand its services.
The funding round was led by Jump Capital, with participation from Gradient Ventures, XRC Labs, Victress Capital, Revolution's Rise of the Rest Fund, and AngelList Early-Stage Quant Fund.
It brings Recurate's total funding to date to over 17.5 million dollars.
Recurate was founded in 2020 to provide brands with the technology they need to offer their own resale services through dedicated marketplaces.
The company said it will use the funding to help it bolster its suite of services, with a focus on data analytics, inventory solutions, connected products, sustainability, advanced merchandising, and image-based product recognition.
“Recurate was founded to easily and seamlessly integrate resale into every commerce experience, increasing our brands' sustainability, customer loyalty, and revenue,” said founder and CEO Adam Siegel.
He continued: “We've already rolled out integrations with ecommerce platforms, loyalty programs, fulfillment/logistics providers, and digital ID technologies. With this investment, we are excited to bring even more innovative solutions to brands so they can benefit from the explosion of participation in resale.”
The investment comes as the fashion resale market continues to heat up, driven by fast-growing consumer and investor demand for more environmentally friendly fashion options.
Recurate currently works with over 40 brands in the fashion, accessories, outdoor, and footwear categories, including Steve Madden, Frye, and Mara Hoffman.
It said it expects to expand this number to over 100 brand partners by the end of the year.