Resale platform Archive has raised $15 million in its Series A funding round, bringing its total funding to over $24 million.
With fresh funding under its belt, the resale platform plans to hire across engineering and brand success teams to drive innovation and meet the increasing demand from brands that are looking to incorporate resale into their businesses. The company will also accelerate upcoming launches across North America and Europe.
Some of the popular brands Archive works with today include Oscar de la Renta, Sandro, and The North Face.
“Resale is a massive online category already and growing three times as fast as new apparel sales,” said Alex Taussig, partner at Lightspeed and Archive board member, who is also expected to take a seat on the company’s board of directors.
The latest investment round was led by Lightspeed Venture Partners and it saw participation from Bain Capital Ventures, Fernbrook Capital, G9 Ventures, and several minority investors.
Archive’s mission is to move the retail industry toward less production by extending the lifecycle of products and making resale an option for everyone.
That said, the resale platform has looked to create a program that seamlessly integrates with a company’s consumer experience. As a result, each program is unique and is built on Archive’s customizable resale operating system that enables brands to deliver a consistent, premium experience for customers across all markets and channels. Furthermore, each brand can access real-time data on things such as sales, sell-through, conversion, and CRM performance.
“We’re building a future where circular business models are standard for every brand and a serious revenue driver,” said Emily Gittins, co-founder and CEO of Archive. “The customer response to Archive’s resale experiences has been extraordinary. This new funding will allow us to more rapidly help the world’s most innovative brands launch circular models and shape the future of retail.”