Bengaluru: Rebagg, a New York-based designer bags resale service, raises $4 million in a funding round led by General Catalyst. The round also witnessed participation from other investors who include Metamorphic Ventures, Crosslink Capital, Founder Collective, Big Sur Ventures-Necotium and FJ Labs. The company plans to utilize the newly raised capital to support its aggressive business expansion plans across major metropolitan cities in the United States.
The contrivance of Charles Albert Gorra – a former M&A Analyst at Goldman Sachs – Rebagg was founded in 2014. The company buys used designer bags directly from individuals without any third-party intervention and sells them to new customers.
The sellers have to visit the company’s website and submit pictures of the handbags that they are willing to sell and can immediately get a price quote. After this, the bags are picked up by the courier service in New York or Los Angeles and the seller can even avail the free shipping service from the company across the state. The sellers are paid within two or three days of the company receiving the handbags.
Every handbags thus received from the sellers go through a thorough quality analysis and brand authenticity, after which these bags are resold at a discounted price on trendlee.com, the company’s luxury e-Commerce site.