NEW YORK--(BUSINESS WIRE)--Today, Rebagg, a frictionless luxury resale service, announced the close of a $4.0 Million Seed round of funding led by General Catalyst. Metamorphic Ventures, Crosslink Capital, Founder Collective, Big Sur Ventures-Necotium and FJ Labs, the holding company of Fabrice Grinda and Jose Marin, also participated in the funding round, fueling expansion for Rebagg across major US metropolitan areas.
Rebagg redefines how consumers can pursue resale of luxury goods, by providing a quasi-instant selling service. The company purchases pre-owned designer handbags directly from individual owners with a seamless end-to-end experience, without intermediaries or delayed payment. Users simply submit pictures and receive a guaranteed quote. The product is then either picked up via free courier in New York or Los Angeles, or offered free shipping US-wide. Sellers receive payment within 2-3 business days of receipt. Since the company’s holiday 2014 launch, Rebagg’s purchases have grown by more than 300 percent.
“Reselling is not a new concept, yet the best inventory remains stuck in closets. Most owners do not have the time to deal with the complexities and uncertainties of the reselling process,” says Charles Gorra, CEO of Rebagg. “We created a frictionless and guaranteed service. You stay at home and get paid fair prices quickly while the Rebagg team does all the work.”
The company developed a unique sourcing model, which crowdsources a network of third-parties like stylists, personal shoppers and retail sales associates to submit inventory. Rebagg currently has over 1,200 sourcing partners across the US. “This purchasing model is unique and a win-win for all parties,” says investor Fabrice Grinda. “It is highly-efficient, scalable and addresses the number one problem in resale.”
Gorra served as a student Entrepreneur-In-Residence at General Catalyst while at Harvard Business School and secured seed funding through their student-focused initiative, Rough Draft Ventures. As the business picked up great traction, General Catalyst led the investment round. “Rebagg is disrupting the traditional consignment model by offering a quasi-instant and fully guaranteed way to monetize closets. The immediacy and simplicity of the process has the potential to unlock untapped inventory and multiply the size of the resale market,” says Adam Valkin, from General Catalyst.
Rebagg is an independent company not affiliated with any designer brand. Co-Founded in 2014 by Charles Gorra and Erwan Delacroix, Rebagg aims to create a seamless selling process for pre-owned luxury products. Users can submit pictures on www.rebagg.com to receive a free and guaranteed quote within one business day. The company offers complimentary pickups in NYC and LA, and free shipping boxes across the US. Sellers receive payment within 2-3 business days of receipt. The company is based in NYC and employs a growing team of handbags experts. All handbags are thoroughly checked for authentication and quality. The curated selection is resold at a significant discount on www.trendlee.com, the luxury e-commerce site operated by the company.