UPTY, a Tallin, Estonia-based which allows users to restore value to the clothing they no longer use, raised €650k in pre-seed funding.
The company, which started a new round of investment with a target of €3M to expand internationally, is using these funds to scale operations.
Created in 2020 by Valentin Savchenko, Upty is a marketplace offering pre-loved wardrobe items such as clothes, bags and shoes. In 3 steps, users can sell on UPTY:
1. Order a free UPTY Clean Out Bag
2. Place all unnecessary clothes in the bag
3. Send the bag back to UPTY via a parcel machine
Once the bag is received the clothes undergo quality control. All accepted items are measured, priced, photographed, listed and shipped. Once sold the seller will receive a percentage of listing price.
The company currently operates in Estonia, Latvia, Lithuania and Finland. This year, UPTY has started to enter German market and has further expansion plans for 2022-2023 in France, Italy, Spain, Poland, Czech Republic, Netherlands, Sweden and Norway.
FinSMEs
09/03/2022