The RealReal, a San Francisco, CA-based authenticated luxury consignment company, closed a $50m growth equity financing.
Private equity firm Great Hill Partners made the investment, bringing the company’s total funding to $173m. In conjunction with the funding, Michael Kumin, Managing Partner of Great Hill Partners, will join The RealReal’s Board of Directors.
The company intends to use the funds to continue scaling operations and category expertise, and to expand its Luxury Consignment Offices and retail concepts.
Founded in 2011 by CEO Julie Wainwright, The RealReal operates an authenticated luxury consignment service with certified experts inspecting every single item including women’s and men’s fashion, fine jewelry, watches, fine art, and home.
The company operates Luxury Consignment offices in six US cities that offer free fine jewelry and watch valuations from certified gemologists, as well as consignment service.
In 2017 alone, The RealReal is expected to pay consignors nearly $300 million from the resale of their luxury items, the majority of which, they will spend back in the primary market, continuing the luxury lifecycle.