Circular Economy Company Recurate Secures $3.25 Million in Funding and Helps Brands Cash In On the $5 Trillion Circular Fashion Movement With New Ecommerce Tool
The leading circular economy technology company Recurate works with fashion, outdoor gear, electronics, and equipment brand companies and is expanding into new categories in 2021
ARLINGTON, Va., May 5, 2021 /PRNewswire/ -- Recurate, Inc. (www.recurate.com), a technology company that allows customers to sell their pre-loved items directly on their favorite brand's site, announces today their partnerships with La Ligne, Mara Hoffman, and Peak Design. Recurate also announces today its $3.25 million seed round led by Gradient Ventures (www.gradient.com). Follow-on investors include Rise of the Rest, part of Revolution’s Rise of the Rest Seed Fund (www.revolution.com/entity/rotr), and Third Kind Ventures (http://3kvc.com).
Recurate enables brands and ecommerce stores to host integrated peer-to-peer marketplaces, allowing the brand's customers to resell items previously purchased from the brand. Without Recurate, brands' products are typically resold on third-party marketplaces, leaving the brand with no relationship with customers who are reselling their items, no opportunity to drive loyalty, and little information about these sales.
"We're investing in Recurate because their team recognized a tremendous opportunity for brands to bring used goods sales back to their own online properties," says Zach Bratun-Glennon, Partner at Gradient Ventures. "With Recurate's platform, brands bring best-in-class ecommerce experiences to resellers and customers of used goods, as well as generate greater community and loyalty for the brand. We expect the growth in the demand for ecommerce, circular commerce, and sustainable purchasing options to continue."
"Brands are losing millions every year to young shoppers going elsewhere to buy and sell pre-loved goods," says Co-founder and COO Wilson Griffin. "People are buying and selling everyday on platforms like Depop, ThredUP, Poshmark, and The RealReal. Recurate gives brands a way to capture their secondhand sales resulting in more brand loyalty, revenue, and most importantly, a more sustainable shopping option."
For the entire month of April, Recurate partnered with the Council of Fashion Designers of America, Inc. (CFDA) in honor of Earth Month.
"We're so pleased to collaborate with Recurate for our 'A Fashion Brand's Journey to Circularity' virtual speaker series," says the CFDA's Chief Executive Officer, Steven Kolb. "Recurate is a service that designers and brands must know about as they navigate their recommerce goals – they offer an important tool to becoming a more circular and sustainable brand."
"As a brand, we are committed to promoting the longevity of our garments," says Mara Hoffman, Founder and Creative Director of Mara Hoffman. "By using the Recurate service, we were able to create a dedicated space on our own platform for our customers to buy and sell pre-owned Mara Hoffman garments, taking us a step closer to our overarching sustainability goals."
"We make it super simple for both retailers and consumers," says Recurate Co-founder and CEO Adam Siegel. "Previous customers can quickly list their 'pre-loved' items directly from their purchase history. We manage the shipment from seller to buyer, and the seller is compensated in store credit or cash once the product is delivered. Previously, brands had no control over the experience or revenue from their products circulating online. Now, we can offer a turnkey integration that launches a resale program in a matter of weeks."
About Recurate
Founded in 2020, Recurate, Inc. is a leading circular economy technology company that offers brands an ecommerce solution to capture their secondhand sales. Recurate enables an integrated peer-to-peer marketplace on brands' ecommerce stores, allowing their customers to resell items they previously purchased from those brands. Recurate works with fashion, outdoor gear, electronics, and equipment brand companies. To learn more about Recurate, please visit: www.recurate.com.
About Gradient Ventures
Gradient Ventures is Google's AI-focused venture fund - investing in and connecting early-stage startups with resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, using the latest best-practices in recruiting, marketing, design, and engineering so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit www.gradient.com.
SOURCE Recurate
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