Recommerce Startup reverse.supply: $5.5M funding
Second-hand clothing software company reverse.supply closed at 5 million euros ($5.5 million), the Berlin-based company announcement Thursday (March 17).
The money will be used to launch the business, hire staff, improve the technology platform and acquire customers.
The round was led by Capnamic, the startup venture capital firm, and existing investors Push Ventures, the Dutch Founders Fund, Outfittery and Rebuy, the company said.
Founded last year by three German entrepreneurs, reverse.supply has developed Recommerce-as-a-Service platform software. It helps brands enable their customers to return used items that are still good and resell them through their website without having to set up the underlying processes and operations. Recommerce is defined as the sale of used products.
Reverse.supply said its platform provides fashion brands and marketplaces access to the second-hand market on a software platform to create an integrated second-hand store.
“Recommerce is a crucial solution, as it helps the fashion industry become more sustainable,” said Janis Kunkler, co-founder of reverse.supply, in a statement. “It’s a must-have for brands to meet the contemporary needs of customers. We will build the leading international Recommerce-as-a-Service provider and dramatically reshape the fashion industry. »
With the reverse.supply platform, the company said fashion brands can create their own second-hand clothing website using the AI rating system to define quality control and pricing.
Last month, PYMNTS reported that the recommerce trend isn’t just about fashion. Resale platforms such as Kaiyo and Chairish have addressed sustainability with the introduction of marketplaces that connect buyers and sellers of used furniture.
Read more: Retail sustainability trend goes from resell to refuse with furniture made from waste
The movement continues with Pottery Barn, which offers reclaimed wood furniture made with reclaimed materials, and Crate & Barrel, which sells a range of furniture certified by the board of forest stewardship to “ensure that products come from responsibly managed forests that provide environmental, social and economic benefits”.