SAN FRANCISCO, April 21, 2016 /PRNewswire/ -- The RealReal, the leader in authenticated luxury consignment, today announced it has raised $40 million in Series E funding led by Greenspring Associates, with other new investors including Broadway Angels, NextEquity Partners, and Springboard Fund. Existing investors Canaan Partners, e.ventures, Greycroft Partners, InterWest Partners, DBL Partners, and Industry Ventures are also participating in this round, bringing the company's total funding to $123 million.
The new funding will help fuel the company's growth both domestically and internationally as it expects to double its revenue again in 2016. The RealReal will use the funding to expand its operations domestically and internationally including consideration of strategic investments. The company will also use the funding on key initiatives that will further distance the business from other players in the space.
"Over the last 5 years, The RealReal has shown tremendous growth and innovation in the online luxury consignment space and has solidified its position as the leader," said Greenspring Associates Venture Partner Deric Emry. "After studying numerous companies in the space, we believe The RealReal's unique business model of taking inventory and authenticating the items prior to sale is a winning model, engendering trust with both the customer and consignor. We're thrilled to support a company and team that we believe has a long, sustainable future."
"This new round of funding will take our business to the next level," said The RealReal CEO and Founder Julie Wainwright. "As we look ahead, we're excited about growing the business globally while continuing to provide our customers and consignors with an inimitable business model that makes buying and selling pre-owned luxury goods online as easy, trustworthy, and lucrative as possible."
Founded in June 2011, The RealReal is the leading authenticated luxury consignment marketplace with 4.5 million members and over 2 million items sold.
About The RealReal
The RealReal provides the largest selection of authenticated luxury items including men's and women's fashion, fine jewelry & watches, and fine art & home. Consignors earn 60-70% of the sale price and items sell quickly. Its free in-home pickup service is available in 20+ major cities across the US. The fine jewelry & watch valuation offices in select cities offer people free valuations on their pieces from the company's professional gemologists. In 2015, The RealReal was named to the Business of Fashion 500 list, recognizing companies reshaping the global fashion industry. In the same year, the company was awarded the "Game Changer" award by W Magazine and Decoded Fashion. To learn more about The RealReal, visit www.therealreal.com.
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SOURCE The RealReal