The Real Real is flourishing in venture capital right now. The online consignment shop announced on Wednesday that they secured $115 million in Series G Funding increasing their private equity capital to $288 million.
With this much capital and the site’s popularity climbing, CEO and founder of The Real Real, Julie Wainwright, is planning to expand from the web to brick-and-mortar fulfillment centers. With new plans of opening a concept shop in L.A. and more in Manhattan.
The Real Real’s success can be traced back to its humble beginnings in a kitchen with a U-haul and big plans. Now the store boasts over 600 employees with attention from media like Fortune, WWD, and NPR just to name a few.
Consignment shops have become more than just a small shop on the corner of a community where beads, purses, and jackets. The Real Real is just one of the many online consignment shops bringing recycled luxury items to e-commerce. However, to build up a reputation and gain traction in business, The Real Real had to have venture capital and the Series G Funding is great for those startups that are already established with millions in equity.
Key investors in The Real Real’s success are PWP Growth Equity and Great Hill Partners. Just last month in June The Real Real wanted to raise $100 million dollars investment, so it’s safe to say they have met their goal and more this time around.
Other sites like ThredUp and Poshmark are also gaining recognition. Seventeen.com just released an article listing the top 8 sites to find vintage wear without leaving your home, so The Real Real is capitalizing on a huge marketing trend right now.
The Real Real, ThreadUp, and Poshmark will be among the few expected to be worth $42 billion by the year 2022.