The luxury resale retailer announced a $33M in a Series E funding round, led by private equity firm Novator, with participation from existing investors including General Catalyst.
The new round brings the company’s total funding raised to $101M. The new funding comes on the heels of a strong year for Rebag, one marked by technological advances and ongoing category expansion. The company said it has nearly tripled its business during the last 12 months on a two-year basis since the Covid-19 pandemic began. It also said it has experienced four-times growth in new categories such as fine jewellery and watches, which it entered in 2020.
Rebag will use the new funds to further build upon the tech tools it has developed, including its proprietary software solution, Claire (short for Comprehensive Luxury Appraisal Index for Resale). The solution is equipped with a universal taxonomy and condition grades that act as a standard pricing reference for resellers worldwide.
The company will also the funding to scale its tech-enabled brick-and-mortar business. During the past year, Rebag modified its traditional retail model, integrating high-tech touchpoints throughout the store aimed at providing consumers with an immersive retail experience.
