The £7.5 million ($9 million) financing was disclosed by the UK-based luxury resale business on Monday.
The Daily Mail Group Ventures and seasoned retail entrepreneur Andrew Jennings were among the previous investors in Cudoni’s investment round, in addition to eBay’s venture arm.
Despite hurdles to profitability for large players as they develop, the resale fashion business is nonetheless expanding quickly. Additionally, eBay has been attempting to strengthen its market position in this area.
In a statement, eBay’s founder and CEO, James Harford-Tyrer, stated that receiving funding during such a difficult year for the consumer industry was “an extraordinary sign of confidence in the brand and our objectives.”
With this most recent investment, Cudoni has now raised a total of £14.3 million since its establishment in 2017.
In order to “provide what we do on a larger scale to a broader number of people,” the company intends to invest the £7.5 million raised in its sales and marketing operations, according to Harford-statement Tyrer’s.
The amount of sales on the resale marketplace has multiplied sevenfold since the end of 2020.
The marketplace claims to link “millions of consumers and sellers worldwide,” and it offers products from over 4,000 brands in categories like luxury handbags, watches and jewellery, and streetwear.
