Azura Reborn, a global e-commerce company that enables pre-loved fashion items to get distribution via large marketplaces, has raised $2M. The round included investors Utiliti Ventures, Halkin Ventures, Jefferson Capital and Archangel Ventures.
Initially, the platform helped luxury fashion brands enter larger marketplaces with distribution worldwide. However, the company has started to pivot to enabling pre-loved clothes to have a second life. The eureka moment was seeing significant returns getting stuck on the balance sheet with minimal ways to liquidate them.
Azura has partnered with clothing marketplaces, like The Iconic, to take control of their returns and try to eke out another sale. Soon, the company will buy second-hand goods from customers and handle their sales through more extensive distribution.
The business is active in 60 retailers worldwide, with targets set to reach 100 by mid-2023.
The capital will be used to boost warehouse capacity, increasing inventory and allowing for more pre-loved stock.
Due Diligence: Business News Australia