South Korea-based luxury goods marketplace Trenbe has completed its Series E funding round amid what its CEO Brad Jonghyun Lee calls a “difficult time.”

Though the marketplace, which pivoted to the trading of used luxury goods from e-commerce, did not reveal the funding amount, it had raised a total of KRW97 billion (approximately $70 million U.S.) prior to the latest financing, according to a local investment tracker.

Founded in 2017, Trenbe brought its net loss down significantly in 2023, despite a sales slump.

Along with improving profitability, its sharpening focus on the secondhand market through expanding its direct and indirect sourcing, as well as its AI pricing tool rollout, encouraged such investors as IMM Investment, Korea Investment Partners, Atinum Investment, Murex Partners and SL Investment to participate in Trenbe’s Series E funding, according to Lee.

“There hasn’t been a lot of investments in commerce platforms recently, but fortunately our secondhand business is growing well and profitability is improving so we think that investors have decided to make this investment,” he wrote in a LinkedIn post.

“I’m ready to make a lot of innovations in the secondhand luxury market in the future, so that I can turn around well and grow rapidly.”

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