Sir Richards Branson is on an investing roll as he is one of the big names that have participated in the most recent funding round for peer to peer fashion marketplace Tradesy. The most recent funding round raised $13 million for the 2 year old company. Kleiner Perkins, Rincon Venture Partners, Riverwood Capital and Northgate Capital are other prominent names on the list.
Tradesy is a peer to peer fashion marketplace that has been growing by 35% every month. Over 50% of sales comes from repeat buyers so apparently they are pretty pleased with the platform and the offerings. More than 1.3 million users have created accounts with the new fashion platform. The company has benefited by offering one of the most lenient return policies in the industry plist their sales commission is less than competitors. While they are focusing on women’s fashion initially – they expect to broaden into other market segments.
The new funding will be used to increase staff and improve technology. Tradesy received $50,000 when they joined the Launchpad incubator in 2012. They raised an additional $1.5 million later that year.