Washington, D.C.-based fashion tech startup SnobSwap has raised $700,000 in funding. The initial target was $500,000 The investors in this round included SimplePitch.
SnobSwap.com, a Washington D.C. based fashion-tech startup, announced today the closing of its seed round financing. Initially targeting $500,000, the round generated strong investor interest, coming to a close with $700,000. SnobSwap will use the capital to meet the demands of rapid user and sales growth through the launch of its mobile apps, enhancements to the web platform, business development, and marketing.
Participants in this round include the SimplePitch and private angels from the fashion industry (including an early investor of Net-a-Porter.com) and investment firms. SnobSwap was self-funded prior to this round.
SnobSwap is disrupting how people shop the fragmented $13B resale industry by creating one destination to shop brick-and-mortar consignment stores online. It has also cultivated a growing peer-to-peer community for fashion enthusiasts to share their closets..
“Timing is key. The online resale industry is growing rapidly at over 10% annually. The luxury industry continues to see double-digit annual growth which means the secondhand market for designer goods will grow with it,” says Elise Whang, SnobSwap Co-Founder and CEO. “Considering that 50% of millennials think about resale value before making a purchase, and 65% of consumers shop online, the future of the online used goods industry is promising.”
“We’re excited that the best consignments boutiques in the nation are using SnobSwap as their e-commerce platform. We carefully curate the boutiques that to make sure members are getting the best selection, ” says Emily Dang, co-founder and CMO. “The mobile app, which will be released soon, will be the first of its kind to allow shopping brick and mortar consignment boutiques at the tip of your fingers.”
Hundreds of boutiques have applied to sell on SnobSwap and several are in the pipeline to launch this month.
SnobSwap is the premier online platform to sell, swap and shop pre-owned designer clothing, handbags, shoes and accessories. SnobSwap is the only online marketplace that brings access to the best consignment stores and top closets online.