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Resale tech company Archive raises $15 million in Series A round

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Dive briefs:

  • In addition to another funding round earlier this year, Archive, a tech company that builds resale operations systems, has raised $15 million in Series A funding, the company announced Tuesday. press releaseLightspeed Venture Partners led the funding round, with participation from Bain Capital Ventures, Fernbrook Capital, G9 Ventures and other investors. Lightspeed partner Alex Taussig will join the company’s board of directors.
  • The company says it will use the raised funds to hire more employees for its engineering and branding teams to support its expansion in North America and Europe.
  • So far, the startup has added The North Face, Oscar de la Renta, Dagne Dover and MM LaFleur as brand partners, and plans to add more companies to its roster next year.

Dive Insight:

The latest funding round brings Archive’s total funding to over $24 million.startup too Raised $8 million earlier this year From Lightspeed Venture Partners, Bain Capital, and multiple other investors.

According to the company, the additional funding will be “Enabling more brands to establish resale channels and offer their customers a premium pre-owned shopping experience. ”

“Resale is already a large online category, growing three times faster than new clothing sales,” Taussig said in a statement. “Archive has become the standard choice for big name brands, from Oscar de la Renta to The North Face, that want to incorporate resale into their supply chain. We quickly build solutions to integrate reselling across all shopping channels and distribution operations.”

Over the last few years, more brands and retailers have entered the resale market.

Last year, Urban Outfitters Introducing the Nuuly Thrift Reseller Marketplaceallows shoppers to buy and sell clothing and accessories for men, women and children.

In the past few months, more brands and retailers have entered the resell game through partnerships with resell platforms or launching independent e-commerce businesses. September, Athleta Partnered with Thredup and discount site Shop Premium Outlets We are launching our resale pilot program, Always Athleta.

The following month, with the help of the archives, The North Face Introducing a new circular design style It said it would restart the collection program under the name “Renewed.”Shane too shane exchange debuta marketplace where shoppers can buy and sell second-hand goods within the company’s app.

Brands and retailers are stepping up to resell as the market is projected to grow. According to a ThredUp report, the resale market is Reach $82 billion by 2026The report also notes that RealReal, ThredUp, Poshmark and other recommerce platforms will account for 18% of the total apparel industry by 2031. Report from WD Partners We found that 92% of respondents say they buy, sell, or trade second-hand goods at least once a year.

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