South Korea-based luxury goods marketplace Trenbe has raised ₩35 billion ($25.2M) in a Series D funding round. The company said it would use the money to diversify the business and improve its customer experience.
“With the investment, we will enhance the customer experience, diversify our business, and solidify our position as a platform for high-end lifestyles,” CEO Kyung Hoon Park said in the statement.
Launched as a high-end general goods marketplace in 2017, Trenbe offers both new and secondhand goods. Its annual transaction value has risen to ₩800 billion, according to a statement issued by the company. In 2021, Trenbe’s revenue reached $17.3 million, amid double-digit growth.
What differentiates Trenbe from general goods marketplaces like Kream and Bunjang is its c-to-b-to-c model: 70% of products sold on the marketplace pass authenticity tests preformed by one of its 80 domestic and foreign luxury appraisers. The company operates logistical centers in six countries, including the U.S., the U.K., Italy and Germany.
Meanwhile, Trenbe’s c-to-c luxury resale segment has gained traction as inflationary pressure has mounted. This is reflected in 357% year-on-year growth in transaction value for used premium brands, according to the company. It added that more than 15,000 used goods were listed on the marketplace every month.
Along with existing backers—including IMM Investment, Atinum Investment, LB Investment and Murex Partners—SL Investment and Korea Investment & Securities participated in this funding round. It brings total investment in Trenbe to $77.6M, according to CBInsights.