Proceeds from the financing round will be used towards building upon technology advancements Rebag has achieved with groundbreaking tools such as Clair by Rebag
Fremont, CA: Luxury handbag purchase and sale company Rebag landed USD 15 million in a Series D financing round led by private equity firm Novator, with participation from existing investor General Catalyst. The new round of funding takes the company's total raised capital to USD 68 million since inception. Rebag's ability to secure financing during these turbulent times speaks to the resale market's enormous power and the belief that a circular fashion model is a future.
"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," says founder and CEO Charles Gorra. "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."
Proceeds from the financing round will be used towards building upon technology advancements Rebag has achieved with groundbreaking tools such as Clair by Rebag. This powerful proprietary software allows Rebag to generate a highly accurate offer in an instant. In addition, the company will continue to scale its Infinity Program, a rental/resale hybrid for customers, allowing them up to a year to trade their initial Rebag purchase in for varying tiers of credit to put toward a new style.
"Over the last few years, we've witnessed the tremendous growth potential of the resale market," says Novator partner Birgir Ragnarsson. "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." Since its inception in 2014 as a digitally native brand, Rebag has revolutionized luxury handbag resale with its transparent, instantaneous process with upfront payment. The company operates stores in New York, LA, and Miami, which are expected to resume activity post-COVID-19 containment.