Japan’s luxury brand consignment app Reclo raises $34M to boost China expansion
Summary
Tokyo-based Active Sonar, the startup behind luxury brand consignment app Reclo, announced on Thursday that it has raised 3.6 billion yen (about $33.8 million US) from CITIC Capital, SBI Investment, and SBI Securities with loans from Mizuho Bank. Other details, such as the investment ratio of each investor and market cap, payment dates, were not diclosed. When you have a luxury brand item which is no longer needed, the Reclo platform allows you to ask experts for the appropriate value and price to sell it online. If you are not satisfied with the expert’s assessment, the platform would send you back your item for free. In addition, over half of the total transactions comes from outside Japan, with China accounting for 70%.
Funding
Amount
$33.8M
Total raised
Date
August 23, 2019
Announcement date
Investors
Mizuho Corporate Bank, CITIC Capital Holdings
Lead investors
Company
https://reclo.jp/
Funded company
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applications
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