Despite the challenges faced by secondhand clothing platforms in turning a profit, the value of America’s secondhand apparel market was approximately $43 billion as of 2023, and is projected to grow at about 11% per year through 2028. The potential of artificial intelligence in streamlining the thrifting experience, by matching items and buyers, is also being explored.
Key takeaways:
- London-based startup Fleek has raised $20.4 million to expand its secondhand clothing platform, which works with around 10,000 resellers and retailers in 70 countries.
- The company was founded by Abhi Arora and Sanket Agarwal, with the aim of making it easier for wholesalers to sell online and for retailers to make online purchases.
- Fleek's Series A funding round included participation from Andreessen Horowitz, Y Combinator, Shopify president Harley Finkelstein and others.
- The value of America’s secondhand apparel market was approximately $43 billion as of 2023, and is projected to grow at about 11% per year through 2028, despite challenges faced by companies like ThredUp and Savers Value Village.