Recurate, the leader in branded resale technology, announces $14 million in funding to power a new suite of services and integrations to serve their growing list of brand partners.
Recurate was founded in 2020 to bring the benefits of the growing resale market back to brands. The company empowers brands with the support and technology they need to participate in the circular economy by offering an integrated marketplace on brands’ ecommerce stores.
Read More: Coupa Ready To Open Record-Setting Inspire
Recurate currently works with over 40 brands in the fashion, accessories, outdoor, and footwear categories including Steve Madden (Re-Booted), Frye (The Frye Exchange) and Mara Hoffman (Full Circle Marketplace) and expects this number to grow to over 100 brand partners by the end of the year.
This funding round was led by Jump Capital, and includes industry leaders Gradient Ventures, XRC Labs, Victress Capital, Revolution’s Rise of the Rest Fund, and AngelList Early-Stage Quant Fund, as well as executives from Brooks Brothers, Chubbies, and Klaviyo, among others. The new investment brings Recurate’s total funding to over $17.5 million.
“Recurate was founded to easily and seamlessly integrate resale into every commerce experience, increasing our brands’ sustainability, customer loyalty, and revenue,” said Adam Siegel, Co-Founder and CEO. “We’ve already rolled out integrations with ecommerce platforms, loyalty programs, fulfillment/logistics providers, and digital ID technologies. With this investment, we are excited to bring even more innovative solutions to brands so they can benefit from the explosion of participation in resale.”
This financing will help fuel the company’s growth by allowing for the development and implementation of an enterprise suite of services including:
- Data Analytics: Robust data solutions for customer and product insights
- Inventory Solutions: Further enabling brands to monetize their returned and unsold inventory
- Connected Products: Continued authentication and listing simplification with digital ID integrations
- Sustainability: Accurately measuring environmental impact for each brand and product category
- Advanced Merchandizing: Enhanced resale capabilities to support in-store, auction, vintage, and curated shops
- Image-Based Product Recognition: Reduced barriers to listing products for brands and individual sellers
“Third party marketplaces have fostered a projected $77 billion industry for resold goods. Recurate provides the logical evolution for this appetite to flow through the brands themselves,” said Yelena Shkolnik, Partner at Jump Capital. “We expect the ease of purchasing and listing goods through brand sites will bring brands many new customers, help them retain existing customers and ultimately bring millions of consumers to the circular economy.”
As the resale market continues to grow and outpace traditional retail, Recurate’s new services will better assist brands in leveraging resale as a sustainability initiative and revenue driver.