Luxury consignment site, The RealReal, has raised $40 million. Greenspring Associates, with other new investors including Broadway Angels, NextEquity Partners, and Springboard Fund join existing investors, which include Canaan Partners, e.ventures, Greycroft Partners, InterWest Partners, DBL Partners, and Industry Venture, bringing the company's total funding to $123 million. According to the brand, which boasts a stock of coveted Hermès bags and Céline garments, the new funding will help fuel its growth both domestically and internationally as it expects to double its revenue again in 2016. 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.