In its first major move since its official split from PayPal last week, eCommerce marketplace eBay acquired Twice, an online consignment shop startup, a person with knowledge of the deal told Re/code yesterday (July 20).
While the terms of the deal were not disclosed, Andreessen Horowitz-backed Twice previously raised more than $23 million.
“With billions of dollars worth of unwanted and unused items in people’s possession, eBay is focused on unlocking the value of that inventory,” Jordan Sweetnam, vice president of seller experience at eBay, said in an email to Forbes confirming the acquisition.
“Our vision for Twice has always been to make selling as easy as shopping, and to make buying used feel like buying new. Today, we’re announcing the next step toward that vision — our technical leadership and engineering team will be joining eBay to help power eBay Valet,” Twice Founders Noah Ready-Campbell and Calvin Young said in a company blog post.
“As part of this agreement, eBay will be able to use some of the technology we’ve developed at Twice and integrate it into their broader assisted selling efforts. Hundreds of millions of people use eBay every year, and we’re thrilled to be able to bring our vision to the largest consumer marketplace in the world,” the statement said.
EBay Valet is the company’s professional selling service, which estimates prices, takes professional photos and offers both buyers and sellers the peace of mind that they are using a safe and verified marketplace.
The service recently announced an expansion of its offerings, broadening its reach to accept high-end clothing, shoes, handbags, electronics and other popular household items.
“Fashion is one of the top categories on eBay globally; in fact, a dress sells every second, and a pair of shoes sells every two seconds,” said Marcelle Parrish, head of fashion at eBay Marketplaces, last month.
“The expansion of eBay Valet in the fashion category delivers access to experts who will showcase clothing in the best possible light, in front of one of the largest online shopping audiences,” Parrish added.