Archive raises $15 million in Series A funding
Tech resale company Archive has closed a $15 million Series A funding round, bringing the company’s total funding to over $24 million.
The funding round was led by Lightspeed Venture Partners with participation from Bain Capital Ventures, Fernbrook Capital, G9 Ventures, and several minority investors.
The investment is expected to support the company’s growth by immediately hiring across engineering and brand success teams. Likewise, it will also enable Archive to meet increasing demand from brands to incorporate resale into their businesses, and accelerate upcoming launches across North America and Europe.
"Resale is a massive online category already and growing three times as fast as new apparel sales," said Alex Taussig, partner at Lightspeed and Archive Board Member.
"Archive has become the standard of choice for well-known brands from Oscar de la Renta to The North Face, that want to embed resale into their supply chain. Emily, Ryan, and team have quickly built the best-in-class solution to integrate resale across all shopping channels and distribution operations. Lightspeed was fortunate to co-lead Archive's seed round earlier this year, and we're delighted to deepen our partnership and lead the company's Series A.”
Founded less than two years ago, Archive is today recognized for building highly differentiated resale programs that seamlessly integrate with a company's consumer experience. Archive's comprehensive technology has launched a range of resale models for brands including peer-to-peer, managed, in-store takeback, and more.
Archive is currently live with a diverse group of consumer brands, with more expected to launch in early 2023. Brand partners include The North Face, Oscar de la Renta, Cuyana, Marimekko, Dagne Dover, Sandro, 3.1 Phillip Lim, M.M. LaFleur, and Filippa K.
"We're building a future where circular business models are standard for every brand and a serious revenue driver," added Emily Gittins, co-founder and CEO of Archive.
"The customer response to Archive's resale experiences has been extraordinary. This new funding will allow us to more rapidly help the world's most innovative brands launch circular models and shape the future of retail."
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