Second-hand clothing resale app Flyp announced that it has raised $3.2 million in its latest round of funding.
The app connects people who want to sell their used clothing with professional resellers, who will handle all aspects of sales on their behalf. Flyp will use the funding to extend its offerings and boost reselling.
Next View led the funding round, according to Yahoo Finance. The venture capital firm also invested seed money into ThredUp–one player in a rising tide of niche fashion marketplaces along with Depop, The New Closet, Poshmark and Vinted–to secure millions of dollars in capital and further scale and expand its marketplaces.
This latest investment follows a $1.1 million round of funding, Flyp announced in December 2020.
CTO and co-founder of Flyp Dani Arnaout said that the new cash injection would go into expansion and software development to allow resellers to automate and streamline procedures.
The pandemic has given impetus to online sales of second-hand goods, including apparel, as brick-and-mortar retail outlets like thrift and consignment stores closed in lockdown. Individuals have faced strain due to the pandemic-induced economic paralysis, and furloughed workers have found themselves with extra time at home to clear out their closets.
“Flyp has provided a much needed opportunity in a tough time, empowering second-hand resellers to grow their resale businesses from home, while helping everyone else cash in on their clutter without having to do any work at all,” CEO James Kawas told Yahoo Finance.
Flyp said its app had attracted thousands of clients and professional resellers, with resellers making over $250,000 in second-hand sales during the pandemic.