Rebagg, online marketplace for reselling designer handbags has raised $8 Million from General Catalyst in series A round to continue with the growth it has seen lately. The latest funding round was led by General Catalyst and it saw the participation from existing investors such as Metamorphic Ventures, FJ Labs, Crosslink Capital etc.
Speaking on the development, Adam Valkin of General Catalyst said that Rebagg has an edge over the other players in the market due to it’s direct approach without involving the middlemen as well as faster payments to the sellers. He further stated that this business involves a lot of strategy and the team at Rebagg has really worked hard in last one year to create the kind of traction it is seeing right now.
It has over 3500 members in various categories including 3rd party stylists, personal shoppers as well as retailers. With the latest funding, the startup is planning to strengthen the team in marketing and operations segment along with doing a few key hires on bigger positions. Along with hiring, Rebagg is planning to start a couple of warehouses in San Francisco and Los Angeles to hold inventory and making delivery more seamless and faster.