Dive Brief:
- As the remarketing industry continues to grow, secondary trading browser extension Benny has raised $4 million in seed funding, according to a press release. Tuesday. Buoyant Ventures led the funding, and Better Ventures participated.
- Benny’s CEO Sarah Pinner said in a statement that the company plans to hire more employees and “accelerate the adoption of resale.” With an investment of $4 million, the startup has raised $5 million to date.
- Benny is a browser extension that displays clothing and accessories listings for users on resale platforms related to the products users are looking for. The company has partnered with resale platforms such as eBay, Runway and The Real Real. Benny worked with Patagonia on a resale pilot program called Wearware.
Dive Insight:
Benny mentioned ThredUp Resale Industry Growth Forecasts And A recent Poshmark purchase Signs that consumers are interested in the resale economy. In addition to Patagonia, the company is opening new sales partnerships with companies every month to bring more brands and retailers into its sales market, the company said in a press release.
“Extending the life of our clothes is key to reducing waste and creating a more circular economy. It’s no secret that resale, driven by consumer preferences for sustainability and cost savings, is growing. We’re drawn to Benny’s unique and data-driven approach to unlocking second-hand shopping for every consumer. Better Ventures Partner Lyndsey Boucherle he said in a statement.
Besides Benny, other selling platforms have attracted the attention of investors looking to take advantage of the growth of the resale market. In December, Archive, another recycling technology company, He collected 15 million dollars Funding from Lightspeed Venture Partners and other investors to support expansion in North America and Europe. He also named several famous collaborators such as Oscar de la Renta, Northern Fez and Judge Dover.
While ThredUp predicts the resale market will reach $82 billion by 2026, ThredUp’s growth can be attributed in part to enterprise software. October 2021 report from Wells Fargo reveals resold-as-a-service business revenue It could reach $300 million by 2025 and $925 million by 2029.. In its Q3 earnings, ThredUp CFO Sean Sobers said the company. It gives priority to the RaaS operations in the future.
