The UK-based luxury resale company announced the £7.5 million ($9 million) raise Monday.
EBay’s venture arm participated in the funding round, while Cudoni also raised capital from existing investors such as The Daily Mail Group Ventures and veteran retail executive Andrew Jennings.
Resale remains a fast-growing fashion market, despite profitability challenges for large players as they scale. It’s also an area where eBay has been looking to expand its market positioning.
“It is an outstanding vote of confidence in the brand and our ambitions, to receive investment from recommerce pioneer, eBay, during what has been an incredibly tough year for the consumer sector,” said founder and chief executive, James Harford-Tyrer, in a statement.
The latest investment brings the total raised by Cudoni to £14.3 million since its founding in 2017.
The company plans to invest the £7.5 million raised in its sales and marketing functions, “with a view to offering what we do on a larger scale to a greater number of people,” Harford-Tyrer told BoF.
Since the end of 2020, the volume of sales on the resale platform has increased sevenfold.
The platform says it connects “millions of buyers and sellers worldwide” and has items from over 4,000 brands available for purchase on its site, across categories such as luxury handbags, watches and jewellery, and streetwear.
Learn more:
Fashion Resale Is Facing an Inventory Crunch
The luxury secondhand market is growing fast, but sustaining that growth hinges on players maintaining a steady stream of hot products to sell.
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