EBay Invests in Luxurious Resale Platform Cudoni

The UK-based luxurious resale firm introduced the £7.5 million ($9 million) increase Monday.

EBay’s enterprise arm participated within the funding spherical, whereas Cudoni additionally raised capital from current traders equivalent to The Day by day Mail Group Ventures and veteran retail government Andrew Jennings.

Resale stays a fast-growing vogue market, regardless of profitability challenges for giant gamers as they scale. It’s additionally an space the place eBay has been seeking to develop its market positioning.

“It’s an impressive vote of confidence within the model and our ambitions, to obtain funding from recommerce pioneer, eBay, throughout what has been an extremely powerful 12 months for the buyer sector,” stated founder and chief government, James Harford-Tyrer, in an announcement.

The most recent funding brings the entire raised by Cudoni to £14.3 million since its founding in 2017.

The corporate plans to take a position the £7.5 million raised in its gross sales and advertising and marketing capabilities, “with a view to providing what we do on a bigger scale to a larger variety of folks,” Harford-Tyrer informed BoF.

Because the finish of 2020, the amount of gross sales on the resale platform has elevated sevenfold.

The platform says it connects “tens of millions of consumers and sellers worldwide” and has gadgets from over 4,000 manufacturers out there for buy on its website, throughout classes equivalent to luxurious purses, watches and jewelry, and streetwear.

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