New York-based curated menswear resale platform Grailed has just raised $60 million in new funding with a Series B round led by GOAT Group, an established player in resale. Also participating in the funding round were Thrive Capital, Index Ventures and Groupe Artémis.
Grailed intends to use the funding to improve upon its authentication services and boost its existing payment processing system, among other reported goals. The resale marketplace counts over 3.7 million users on its platform, as reported by the Associated Press.
“We wouldn’t be where we are today without our amazing and vibrant community of enthusiastic buyers and sellers,” Grailed CEO Arun Gupta said in a statement. “In GOAT Group, we saw an incredibly like-minded partner who is just as passionate and forward-thinking about the global fashion community as we are. With GOAT’s investment, we are excited to deliver powerful new features across the platform and to double-down on our bold innovations in authentication at an even faster pace.”
The secondhand market for luxury items is growing markedly faster than the brands in this space, with the former outpacing the latter by 4 to 1 per some projections. Accessibility, however, is still a hurdle for online resalers.
In June 2018, Grailed closed a Series A round of $15 million. That funding was led by Index Ventures, with participation from Thrive Capital and Simon Ventures, an S&P 100 company which owns brick-and-mortar shopping and entertainment experiences. At the time, the investment brought Grailed’s total funding to roughly $20 million. Three years later that number has tripled.
In this latest move, Yunah Lee, COO of GOAT Group, will be appointed to Grailed’s board of directors.
“We are incredibly excited to lead Grailed’s second funding round and partner with them to advance the experience for our two communities,” GOAT Group co-founder and CEO Eddy Lu said in a statement. “Grailed and GOAT share a common approach, based on authenticity, trust and a highly curated perspective on style, which is core to our brand as we bring the greatest products together from the past, present and future.”