archive (www.archiveresale.com), a technology company developing the resale operating system for brands, today announced a 15 million dollars Series A fundraiser. The round is led by Lightspeed Venture Partner with the participation of Bain Capital VenturesFernbrook Capital, G9 Ventures and several minority investors, increasing Archive’s overall funding $24 million. In addition to the increase Alex TaussigPartner at Lightspeed, will join the company’s Board of Directors.
This new capital installment comes less than a year later Seed funding of the archive and less than two years since the establishment of the company. The funding will immediately support the hiring of engineering and brand success teams to help Archive continue to innovate and scale its technology and integrations. It will also enable archives to meet the increasing demand from brands to integrate resale into their business and accelerate forthcoming launches everywhere North America and Europe.
“Resale is already a huge online category and it’s growing at three times the rate of new clothing sales,” he said Alex Taussig, Partner at Lightspeed and board member of Archive. “Archive has become the preferred standard for well-known brands Oscar de la Renta to The North Face who want to embed resale into their supply chain. Emily, Ryan and their team quickly developed a best-in-class solution to integrate resale across all buying channels and sales operations. Lightspeed was fortunate to co-lead Archive’s seed round earlier this year and we are excited to deepen our partnership and lead the company’s Series A.”
Archive is known for building highly differentiated resale programs that integrate seamlessly with an organization’s customer experience. Although each program is unique, they are all based on Archive’s customizable technical platform or “resale operating system”. The platform enables brands to deliver a consistent, premium experience to customers across all markets and channels (physical and digital) and access real-time data on sales, sell-through, conversion, CRM performance and more. The programs can also be integrated with Archive’s proprietary Re-Commerce Warehouse Management Software (RWMS).
Archive’s comprehensive technology has introduced a range of resale models for brands including peer-to-peer, managed, in-store takeback and more. Custom features include donation and auction functionality, product videos embedded in the shopping experience, and a proprietary mobile app to efficiently manage the user experience for store associates and consumers as part of a take-back program in over 100 The North Face stores. Each resale program is designed to meet a brand’s unique goals and easily integrates with their logistics network to scale existing and future circularity efforts.
The company’s ultimate mission is to move the retail industry towards less production by extending the lifecycle of products and making resale an option for all. To achieve this, Archive focuses on helping brands generate revenue without re-production.
“We are building a future where circular business models are standard for every brand and a serious revenue driver,” he said Emily GittinsCo-founder and CEO of Archive. “Customer response to Archive’s resale experiences has been exceptional. This new funding will allow us to help the world’s most innovative brands adopt circular models faster and shape the future of retail.”
Archive’s resale experiences have proven that offering resale increases customer retention, increases a customer’s lifetime value and leads to new customer acquisition. For example, in an archive program, every second resale customer was new to the brand; A third of all resale customers also placed an order on the brand’s main e-commerce site during the same period. When reselling items, most Archives Partner customers opt for branded store credit over cash and spend triple that on their next piece of the brand.
The resale market continues to accelerate and is expected to double to nearly $200 billion by 2025. Brands that embrace resale drive the next phase of consumer adoption.
Archive is currently live with a diverse group of forward-thinking consumer brands, with many more to come in early 2023. Some brand partners include The North Face (Renewed Marketplace), Oscar de la Renta (encore), Cuyana (invigorate), Marimekko (preferred), Dagne Dover (Almost vintage), Sandro (Second-hand Sandro), 3.1 Philip Lim (3.1 Archive), MM LaFleur (second act) and Filippa K. (Second hand).
In addition to its venture capitalists, Archive has received investments from industry leaders Julie BornsteinChief Shopping Officer at Pinterest and Founder of The Yes, Kerry Cooperformer President of Rothy’s, Adrian Lazarusformer CEO of Frye and Bandier, Lisa Bogieformer GM at Stitch Fix and Nike, Wendy Yangformer President of Hoka, Dawn Dobras, former CEO of Credo Beauty, and Marigay McKeeformer President of Saks Fifth Avenue and co-founder of Fernbrook Capital Management.