Resale Start-up Archive Secures $15 Million in Funding
Resale start-up Archive secured $15 million in funding Tuesday.
The latest funding round was led by Lightspeed Venture Partners, with participation from Bain Capital Ventures among several other investors. With this new influx of capital, Archive’s total funding is up to $24 million following a raise earlier this year in January.
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Today, Archive powers resale experiences spanning peer-to-peer, brand managed, vintage marketplace and in-store resale models counting 32 brands — among them M.M. LaFleur, Filippa K, Dagne Dover and Oscar de la Renta — in its resale camp.
“Most immediately, the new funds will support hiring across our engineering and brand success teams to help us continue to innovate and scale our technology and integrations,” said Emily Gittins, cofounder and chief executive officer of Archive, to WWD. “We’ve received an incredible demand from brands looking to incorporate resale into their businesses and scale existing resale programs. The funding will allow us to accelerate the launch of those programs across North America and Europe.”
With resale outpacing traditional retail, Gittins said Archive looks toward partnerships in early 2023 with category expansion outside of fashion as a growing focus. In Archive’s next phase of growth, she said the company will further expand its resale services, scale its tech and deepen its international capabilities to meet demand.
Gittins said the company continues to see “record growth,” with revenue growing 10-fold in the past 12 months, though no precise figures were given.
“Our philosophy from the beginning has been to build significant revenue streams for brands through resale,” she continued. “We don’t believe re-commerce should be one-size-fits-all. At Archive we are working with brands to build resale programs that achieve business and sustainability objectives, while ensuring profitability. We’re taking a creative approach to address both brand and consumer demands, giving them maximum flexibility and optionality.”
