Second-hand clothing software company reverse.supply has closed on 5 million euros ($5.5 million), the Berlin-based company announced Thursday (March 17).
The cash will be used to launch the company, hire staff, enhance the tech platform and acquire customers.
The round was led by Capnamic, the early-stage venture capital company, and existing investors Push Ventures, the Dutch Founders Fund, Outfittery and Rebuy, the company said.
Founded last year by three German entrepreneurs, reverse.supply developed Recommerce-as-a-Service platform software. It helps brands allow their customers to return used items that are still good and re-sell them through their website without having to set up the processes and operations behind it. Recommerce is defined as the selling of previously-owned products.
Reverse.supply said its platform provides fashion brands and marketplaces access to the second-hand market on a software platform to build an integrated second-hand shop.
“Recommerce is a crucial solution, as it helps the fashion industry to become more sustainable,” said Janis Künkler, cofounder of reverse.supply, in a statement. “It is a must-have for brands to meet contemporary customer needs. We will build the leading international Recommerce-as-a-Service provider and significantly reshape the fashion industry.”
With the reverse.supply platform, the company said fashion brands can create their own website for second-hand clothing using the artificial intelligence grading system to set quality control and pricing.
Last month, PYMNTS reported the recommerce trend is not limited to fashion. Resale platforms such as Kaiyo and Chairish have approached sustainability with the introduction of marketplaces that connect second-hand furniture buyers and sellers.
Read more: Retail Sustainability Trend Goes from Resale to Refuse With Furniture Made From Trash
The movement continues with Pottery Barn, which offers reclaimed wood furniture made with salvaged materials, and Crate & Barrel, which sells a line of furniture that is certified by the Forest Stewardship Council to “ensure that products come from responsibly managed forests that provide environmental, social and economic benefits.”
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