Rebag Raises Funds For AI-Based Product Development And Growth
Rebag, the authority for buying, selling and trading luxury, announced $33 million in a Series E funding round. The funding was led by private equity firm Novator, with participation from existing investors including General Catalyst. This brings the company’s total funding raised to $101 million. Following a strong year driven by technological advances and category […]
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Rebag, the authority for buying, selling and trading luxury, announced $33 million in a Series E funding round.
The funding was led by private equity firm Novator, with participation from existing investors including General Catalyst. This brings the company’s total funding raised to $101 million. Following a strong year driven by technological advances and category expansion, this latest round positions Rebag for its next cycle of innovation and accelerated growth.
In the last 12 months, Rebag has maintained its high growth trajectory. The company has experienced a 4x growth of new categories such as fine jewelry and watches since the company’s category expansion in 2020, tripled sourcing due to the launch of Clair AI and Clair Trade and has seen one in five buyers simultaneously trade items to Rebag following the recent Clair Trade launch.
Also Read: Marketing Trends Driving Luxury
Investment funds will be used to further build upon technical tools Rebag has developed including the Clair Technology Suite which is designed to bring transparency to the luxury resale industry. Clair, a powerful, proprietary software, is short for Comprehensive Luxury Appraisal Index for Resale and is equipped with a universal taxonomy and condition grades that act as a standard pricing reference for resellers worldwide. The Clair Technology Suite includes:
- Clair AI – A tool that can instantly recognise and price bags from the top 50 luxury brands. Users can simply scan a bag using the Rebag app or upload an image to receive the bag’s brand and model, along with an offer that Rebag will pay for it today
- Clair Trade – The first software powered instant trade-in program for the luxury resale industry. With Clair Trade, you can buy and sell items in one transaction, and only pay for the difference
Rebag will also use the round to scale its tech-enabled brick-and-mortar business. Over the past year, Rebag has modified its traditional retail model, integrating high-tech touchpoints throughout the store aimed at providing consumers with a truly immersive retail experience, in a more compact format.
Utilising a localised clienteling approach, Rebag’s new strategy offers convenient drop-off points, instant connection to stylists, both in-store and digitally, and access to a selection of over 30k items. Customers can sell a once-loved item within 60 minutes by leveraging Rebag’s unique upfront payment offering, or buy and sell an item in a single, combined transaction via Rebag’s recently launched service: Clair Trade.
“Since the company’s inception, our vision has been to fuel the circular economy and create further transparency in the resale market,” said Charles Gorra, Founder and CEO of Rebag. “This latest round of funding will allow us to further develop our technology and launch features that democratise access to information and create an ecosystem that benefits consumers and retailers alike.”
“We have been impressed by the quality and consistency of the execution from the Rebag team,” said Birgir Ragnarsson, Managing Partner of Novator. “We believe that the luxury resale space is still in its early innings. Rebag has carved out a unique approach that will facilitate its massive scaling”.
