The RealReal Secures $50 Million
Online luxury consignment sales website The RealReal announced the close of $50 million in financing from Great Hill Partners.
Offering a large selection of pre-owned and authenticated luxury items, The RealReal provides consignors who want to sell pre-owned designer goods with free direct shipping as well as free white-glove pick-up services in 16 U.S. cities. Founded in 2011 by Julie Wainwright, The RealReal has pulled in $123 million in venture capital funding and is on track to hit $500 million in gross merchandise value (GMV) this year, as previously reported by Newscenter.io.
The company revealed that the cash infusion comes at an important juncture for The RealReal, which now employs more than 800 people and has extended its timeline to profitability, setting its sights instead on spreading brand awareness by expanding its physical footprint.