The round was led by PWP Growth Equity, with additional participation from new investor Sandbridge Capital and existing investor Great Hill Partners.
“This new round of funding will allow us to expand our brick-and-mortar footprint into new markets, as well as support our growing supply of luxury goods with new eCommerce fulfillment centers,” said The RealReal CEO and founder Julie Wainwright in a press release. “Over the last seven years, we have re-envisioned the experience of buying and selling luxury goods, and become a leader in the circular economy for luxury goods.”
In addition to the investment, Chip Baird, co-founder and partner of PWP Growth Equity, will join The RealReal’s board of directors.
“Julie and her team have created an industry-leading company that is redefining the consignment marketplace and how consumers acquire luxury goods,” said Baird. “With a continued move towards eCommerce and the rise of second-hand good purchases, The RealReal is uniquely positioned to benefit from these shifting trends. We are excited to partner with the company as they work to bring their innovative marketplace to even more consumers and consignors.”
“We are excited about the progress at The RealReal and are pleased to continue the productive partnership we’ve enjoyed with Julie and her talented team,” added Michael Kumin, managing partner at Great Hill Partners, which initially invested in the business in 2017. “This financing will enable the company to accelerate its investments in building the premier consignment and shopping experience in the luxury market.”
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Last year, the company received a $50 million round of funding from Great Hill Partners, which helped The RealReal joins the ranks of female-run startup Rent the Runway.
