Rebagg, a NYC-based luxury resale service, closed a $4.0m seed round of funding.
The round was led by General Catalyst with participation from Metamorphic Ventures, Crosslink Capital, Founder Collective, Big Sur Ventures-Necotium and FJ Labs, the holding company of Fabrice Grinda and Jose Marin.
The company intends to use the funds to accelerate expansion across major US metropolitan areas.
Led by Charles Gorra, CEO, Rebagg provides a quasi-instant selling service to resale luxury goods. The company purchases pre-owned designer handbags directly from individual owners, without intermediaries or delayed payment. Users 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. 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.
The company developed a 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.