Hong Kong-based children’s clothing resale platform Retykle has closed a new round of pre-Series A funding, bringing its total funding to US$2.2 million.
The latest round was led by Singapore’s early to-growth stage VC firm Pine Venture Partners, with participation from undisclosed angels.
The company plans to utilise the new funds to build a senior leadership team, develop new resale-as-a-service technology, and expand into new markets.
Founded in 2016 by Sarah Garner, Retykle is an online consignment store for buying and selling designer baby, children’s and maternity fashion, gear and toys. Its mission is to make trading high-quality pre-loved items as easy and convenient as buying new ones.
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The US$400-billion global childrenswear market presents a substantial opportunity for resale. In 2022 the global resale market grew by 28 per cent and is expected to double in size by 2027, reaching US$350 billion. Resale outpaces traditional retail threefold and will account for 10 per cent of the global fashion market by 2024. Resale is revolutionising traditional retail and fundamentally changing consumer purchasing habits as they seek greater value and less environmental impact.
“The fashion industry is ripe for disruption, and advancing circular consumption is a clear win for sustainability and for all players in the fashion industry. Retykle provides a much-needed service for mothers of children while reducing our carbon footprint, and that is something fully aligned with Pine Venture Partners’ investment philosophy,” says Hyuk-tae Kwon, Co-Founder and CEO at Pine Venture Partners.
Retykle allows buyers to browse thousands of used and new past-season items from over 2,000 leading children’s designer clothing brands, saving 50-90 per cent off original retail prices.
Since its launch, Retykle has recirculated over 150,000 items, with tens of thousands of parents joining the platform to build a sharing economy online, saving temporary-use clothing from being sent to landfill.
“With only two per cent of VC capital directed to female-led companies, we are grateful to have the backing of Pine Ventures, who see the blue ocean of opportunity in circular consumption”, says Garner.
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Image credit: Retykle
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