Tech company Beni secures $4 million in investment for resale technology
In a significant move for the resale economy, Beni, a secondhand shopping browser extension, has raised $4 million in seed funding. This latest round, led by Buoyant Ventures, brings Beni's total funding to $5 million.
Beni's founder, whose identity remains undisclosed, sees this investment as a stepping stone towards expanding the platform's reach in North America and Europe. The funds will be utilised to forge new partnerships with companies, bringing more brands and retailers into the resale market.
The resale market is expected to grow significantly in the coming years. ThredUp, a leading online consignment and thrift store, predicts that the market will reach $82 billion by 2026. ThredUp's CFO, Sean Sobers, recently stated that the company will prioritise its resale-as-a-service operations in the future, with revenue potentially reaching $300 million by 2025 and $925 million by 2029.
Beni's strategy aligns with this growth projection, as the platform has been partnering with various companies in recent months. These collaborations include ReBuy, Momox, Zadaa, and even resale giants like eBay, Rent the Runway, and The RealReal.
The extension allows users to browse apparel and accessories listings from these leading resale platforms all in one place. Beni has also made strides in the fashion industry, working with brands like Oscar de la Renta, The North Face, Dagne Dover, and Patagonia on its resale pilot program, WornWear.
The resale market's growth is not just a prediction but a reality, as evidenced by recent acquisitions such as Poshmark. Beni's founder, citing these signs of consumer interest in the resale economy, believes that this investment will help accelerate the platform's growth and contribute to the overall expansion of the resale market.
In addition to Buoyant Ventures, Better Ventures also participated in the funding round, signalling their confidence in Beni's potential to reshape the shopping landscape.
Meanwhile, another recommerce tech company, Archive, has also raised funds. The company, which has collaborated with fashion brands like Oscar de la Renta, The North Face, and Dagne Dover, recently secured $15 million in funding from Lightspeed Venture Partners and other investors.
As the resale market continues to grow, it's clear that the future of shopping may well be secondhand. With platforms like Beni and Archive leading the charge, the resale economy is set to become a significant player in the retail sector.
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