Reflaunt, a London, UK-based Resale-as-a-Service (RaaS) technology company empowering global fashion brands focused on enabling circularity, secured $2.7m in pre-Series A funding.
The round was led by MadaLuxe Group, with participation from The Mills Fabrica, former Jimmy Choo CEO and Coty Senior Advisor Pierre Denis, Ganni founder and former CEO Nicolaj Reffstrup, Textile Innovation Fund, Piquadro, Bluebell Group and sustainable fashion accelerator Fashion For Good. The initial seed round was led by Yellow Octopus Group, Balenciaga CEO Cédric Charbit and Swarovski Creative Director Giovanna Battaglia Engelbert.
The company intends to use the funds to add talent to its technology and business development teams.
Reflaunt offers a proposition that enables fashion brands’ and retailers’ customers to easily resell or recycle their past purchases directly on the brands’ individual e-commerce platforms. The items are then offered for sale on more than 20 marketplaces across North America, Europe, the Middle East, Southeast Asia and Australia, reaching over 30 million secondhand buyers worldwide.
The technology enables fashion brands to increase sales and customer retention rates, while accessing valuable data on resale performance of their own products.
In turn, marketplaces in the network gain access to a large assortment of products sourced directly from the brands, allowing for purchase traceability, which mitigates counterfeit risk.