- Handbag and accessories membership club Vivrelle has raised $35 million in Series B financing, the company announced on Friday. 3L Capital led the funding round, while actresses Lily Collins and Nina Dobrev, Origin Ventures, Plus Capital, Chapford Capital Group and entrepreneur Morgan Stewart McGraw participated in the round.
- Blake Geffen, co-founder and CEO of Vivrelle, said that the company plans to expand its inventory, create more showrooms and hire more employees.
- The company said it has seen a six-fold revenue increase since closing its Series A funding round over a year ago.
Vivrelle, which describes itself as a membership club with access to a shared closet of designer accessories, is scaling up its company as the market for resale is predicted to rise. According to a May report from ThredUp, the U.S. market for secondhand goods could reach $82 billion by 2026. The report also predicted that the secondhand market would increase by 24% this year.
Vivrelle has been raising capital and improving its digital offerings for luxury rental consumers. In February 2021, the company unveiled its mobile app, where members can rent various luxury items for $99 per month from brands like Gucci, Cartier and Hermés. Customers can also bookmark their favorite accessories within the app and get notifications when their desired items are available for rental.
Two months after unveiling its mobile app, the company raised $26 million in Series A funding from Origin Ventures with participation from Chapford Capital Group. At that time, the company said it would use the funds to increase its membership base, introduce more products, start new marketing initiatives and partnerships and hire more employees.
"This recent round of fundraising marks a milestone for Vivrelle we only dreamt about when launching in 2018," Geffen said in a statement. "We are ecstatic to have support from Lily Collins, Nina Dobrev and Morgan Stewart McGraw, alongside the capital partners who share in our vision of transforming how consumers utilize their closets and experience luxury."