Luxury Promise, a London, UK-based marketplace for the resale of luxury handbags and accessories, raised $3.75m in Series A funding.
The round was led by Beringea with participation from existing investor Lloyd Amsdon, co-founder of Watchfinder, the platform for pre-owned premium watches acquired by Richemont in 2018.
The company intends to use the funds to broaden the offering available on the marketplace, expand the repairs and workshop expertise, and open a storefront location.
Founded in 2017 by Sabrina Sadiq, an experienced authenticator, Luxury Promise enables consumers to shop for pre-owned luxury goods, with a focus on handbags. In addition to paying sellers cash up front for their items, the marketplace goes through a quality and authentication process, providing in-house expert repairs and finishing to pre-owned goods where needed. The business has operations in London and Dubai, and a selection of luxury brands including Hermes, Chanel, Louis Vuitton, and Van Cleef.