Archive Secures $8 Million in New Financing to Power the Next Generation of Resale
The full-service resale partner puts brands in control of their secondhand market by seamlessly integrating into their existing retail experience
25 Jan, 2022, 08:00 ET
SAN FRANCISCO, Jan. 25, 2022 /PRNewswire/ -- Archive (www.archiveresale.co), the resale technology company that builds customized marketplaces for brands to incorporate secondhand into their business, today announces $8 million in new funding to lead the industry's next phase of resale – with brands in the driver's seat.
Co-founded by Emily Gittins and Ryan Rowe, Archive offers a complete "operating system" for brands to power their own resale experience in a resource and capital-light way. Through each customized resale marketplace, consumers can buy and sell secondhand styles directly from their favorite brand's e-commerce site alongside new inventory – reflecting the integrated shopping experience of the future.
The round is co-led by Lightspeed Venture Partners and Bain Capital Ventures and brings Archive's total funding to nearly $10 million. Additional participants include FirstMark and several angels including industry leaders Alex Bolen, CEO of Oscar de la Renta, Shan Lyn-Ma, Co-founder of Zola, Dawn Dobras, former CEO of Credo Beauty, designer Steven Alan, and Marigay McKee, former President of Saks Fifth Avenue. The financing follows initial investments from FirstMark, Bain Capital Ventures, and the founders of Warby Parker, Allbirds and Harry's.
"The secondhand fashion retail market is exploding and is currently estimated at $130 billion globally. It is inevitable that brands will own their resale market to attract a new segment of customers, promote sustainability, drive customer loyalty, and take control of the experience. The team at Archive is disrupting how resale works today. They have built the superior technology solution while having empathy for the unique needs of each brand as they launch this new business line," said Sarah Smith, Partner at Bain Capital Ventures.
The latest financing will fuel the company's growth by accelerating the development of new custom integrations, adding physical touchpoints to the customer's journey, providing warehouse solutions for bulk inventory, and scaling the engineering and operations teams to continue serving Archive's brand partners with a high-quality, tailored experience.
Since its launch in February 2021, Archive has powered the resale debuts for future-minded fashion brands including Dagne Dover (Almost Vintage), Filippa K. (Preowned), M.M.LaFleur (Second Act), The North Face (Renewed Marketplace), and most recently, luxury fashion house Oscar de la Renta (Encore). Each resale experience reflects the company's unique brand story and creative vision, so customers can shop both new and secondhand products seamlessly on their website.
"We believe that resale will be a key driver for both acquisition and retention of our customers for the foreseeable future. As such, developing a robust resale experience that is consistent with the existing world of Oscar de la Renta has been a strategic imperative," said Alex Bolen, Chief Executive Officer of Oscar de la Renta. "We've achieved this goal with Encore by Oscar de la Renta by utilizing both Archive's superior technology and the 'can-do' approach of Emily and the Archive team. Their solutions, including auction functionality and charitable donation optionality, provide Oscar de la Renta with a unique customer offering. We look forward to building on our already strong partnership with Archive."
Stepping in as a true partner, Archive has helped brands acquire new customers, increase brand loyalty and retention, and take action towards being a more sustainable, responsible retail player. Brand partners have ownership of their secondhand market without taking on the complex technical, operational, and logistical challenges involved.
"We founded Archive to give brands the resources to create a circular business model and ultimately help create a more sustainable industry," said Emily Gittins, Co-founder and Chief Executive Officer of Archive. "Producing high-quality products and integrating secondhand into the shopping experience is the only way for retailers to truly be more sustainable. It's been exciting to watch our partners introduce resale and we're looking forward to making it the industry standard," added Ryan Rowe, Co-founder and Chief Technology Officer of Archive.
Archive's data-driven approach ensures the best unit economics for brands and consumers. Through its technology, Archive can predict the best time to sell specific items, suggest pricing, easily integrate into a company's CRM, and share insights with brands to improve quality and UX. Sellers may choose between store credit or cash for sold items, with 75% of current sellers opting for store credit. The unique model creates a closed ecosystem where brands, buyers, and sellers all engage in one place.
Archive's mission is to help brands be more sustainable and extend the life cycle of products. The company has plans to expand beyond the fashion category while providing an incredible buying/selling experience for all retailers interested in exploring a resale model.
Launched in February 2021 by co-founders Emily Gittins and Ryan Rowe, Archive (www.archiveresale.co) is a resale technology company that builds customized marketplaces for brands to easily incorporate resale into their business. The comprehensive operating system is resource and capital light, allowing brands to offer a truly authentic secondhand shopping experience without taking on the complexities of inventory management and supply chain logistics. Archive currently powers resale programs for leading fashion brands including M.M.LaFleur, Filippa K., Dagne Dover, The North Face, and Oscar de la Renta. To learn more about Archive and its partners, please visit: www.archiveresale.co.
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