Founded by Belén Cabido, the platform allows users to buy and sell secondhand clothing, with its users categorized as either salespeople or buyers. Salespeople are able to create their own stores that include photos of items with descriptions and prices, while the buyers can browse the site for deals. Once a buyer makes a purchase, the seller is sent a prepaid shipping label to easily get the garment to its new owner.
The company, which launched four years ago, currently has 1.3 million buyers and sellers. GoTrendier takes a 20 percent commission, plus an additional nine pesos (about 48 cents in U.S. currency) for all purchases.
This latest round of funding was led by Peruvian fund Ataria. Existing investors Banco Sabadell and IGNIA also participated, along with Barcelona-based investors Antai Venture Builder, Bonsai Venture Capital and Pedralbes Partners.
“The volume of the market for buying and selling secondhand clothes in the world was 360 million transactions in 2017 and is expected to reach 400 million in 2022,” said investor Sergio Pérez of Sabadell Venture Capital.
GoTrendier claims that by buying and selling on its site, users have been able to save USD $12 million and have avoided more than 1,000 tons of CO2 emissions.
In fact, a recent survey found that for many consumers, secondhand is becoming their first choice when it comes to shopping for clothes, with one in three women reporting that they shopped secondhand within the past year. Resellers like thredUP and Poshmark offer a range of brands that are still in good condition, while others such as TheRealReal sell only luxury brands. According to thredUP’s research, buying used instead of new for one year can save consumers around $2,420.