SAN FRANCISCO, April 9, 2015 /PRNewswire/ -- The RealReal, the leader in authenticated luxury consignment, today announced it has raised $40 million in Series D funding led by Industry Ventures, with other new investors including e.ventures Growth, Greycroft Growth, and DBL Partners. Existing investors Canaan Partners and InterWest Partners are also participating in this round, bringing the company's total funding to $83 million. In conjunction with the closing of Series D, Cynthia Ringo of DBL Partners will be joining the board of directors. The new funding will allow the company to continue its rapid growth trajectory while also making investments in long-term scalability.
"This new round of funding will be instrumental in allowing us to double our revenue while driving toward profitability, both of which are top priorities for the company in 2015," said The RealReal CEO and Founder Julie Wainwright. "In addition, we're laser-focused on scaling the business operationally and continuing to provide our members with the best authenticated luxury shopping and consigning experience anywhere."
The RealReal has reinvented the luxury consignment industry by creating a full-service, trusted marketplace for buying and selling luxury goods online. Achieving over $100M in revenue in 2014, the company attributes its success to the unique model of taking possession and authenticating all items upfront, inspecting and guaranteeing authenticity of items, and providing consignors a frictionless way to get their luxury goods sold.
"We're proud to be leading this new round of funding for The RealReal to help support their focus on driving to profitability in an important market segment, " said Victor Hwang of Industry Ventures. "We initially invested in The RealReal through a secondary transaction, and as a Limited Partner in Canaan Partners and Interwest Partners, we have followed the company and been immensely impressed by their phenomenal growth and operationally sound business. We're excited to watch them take the next step and further solidify their position as the leader in the luxury consignment space."
Having sold 1 million items to date, The RealReal is becoming a cash generating engine for its consignors. In 2015 alone, the company is projected to pay consignors over a $100 million from the resale of their luxury items. The greatest beneficiaries of this capital are the designers themselves and the retailers who carry their brands. This is because The RealReal consignors are using their consignment payments to buy new items creating a new life cycle for luxury goods.
Founded in June 2011, The RealReal is the only full-service, authenticated luxury consignment marketplace. The company has 3.5 million members, 315 employees, and ships to 61 countries worldwide.
About The RealReal
The RealReal is the leader in authenticated luxury consignment. We offer the largest selection of pre-owned and authenticated luxury items including men's and women's fashion, fine jewelry & watches, and fine art. Our consignors earn 60-70% of the sale price and items sell quickly. We offer a white glove service where one of our luxury managers, available in 18 major cities across the US, will come to an individual's home to consult them on the consignment process and pick up their items. Review our complete list of designers & artists. To learn more about The RealReal, visit www.therealreal.com.
SOURCE The RealReal