The Covid-19 pandemic continues to severely impact the retail industry with store closures and mass layoffs, yet luxury handbag reseller Rebag has managed to find a gleam of light.
Rebag said on Thursday that it has secured $15 million in Series D funding, bringing its total funding to $68 million since the company launched in 2014.
The investment was led by private equity firm Novator, and also included existing investor, General Catalyst.
"Over the last few years, we've witnessed the tremendous growth potential of the resale market," explained Novator partner, Birgir Ragnarsson, in a news statement.
"I am a firm believer in Rebag's unique positioning, luxury expertise and cutting-edge innovation. By continuing to be a leader in the secondary market, Rebag bridges the gap between technology, luxury, and the future of retail."
Rebag will use the funding to build upon its technology infrastructure, including tools like 'Clair by Rebag', proprietary software that allows Rebag to generate a highly accurate offer in an instant.
The company also plans to continue to scale its 'Infinity Program', which allows customers to trade Rebag purchases in for varying tiers of credit to put towards new styles.
"We are so proud of what we have accomplished in all areas of our technology. We look forward to expanding our capabilities and sharing them with our customers," said founder and CEO, Charles Gorra.
"We believe the current environment is going to accelerate the transition towards resale. At Rebag we built a brand and a platform that can cater to that growing audience. New opportunities will arise, and we are gearing up to capitalize on the secular trends towards resale ubiquity.”
In November, Rebag expanded its brick-and-mortar reach with the opening of its second retail location in Miami, Florida.
The Dadeland Mall opening followed the announcement that Rebag raised a fresh $25 million in the capital in February 2019, and followed the opening of Rebag’s Miami flagship last June.
It equally operates stores in New York, Florida, and California, which are expected to resume activity post-COVID-19 containment.