Image Courtesy: schoolsweek.co.uk
Archive, a US-based tech company, has said that it is closing a US $ 15 million Series A fundraising, led by Lightspeed Venture Partners, with participation from Bain Capital Ventures, Fernbrook Capital, G9 Ventures and several minority investors,. Now the company’s total funding is over US $ 24 million.
Archive is dedicated to developing resale operating models for brands, with it already having created resale-based platforms for the likes of The North Face, Sandro, Oscar de la Renta and Marimekko.
As per the company, the funding will support hiring across engineering and brand success teams to help continue scaling its technology and integrations.
The company is meeting demand from brands to incorporate resale into their businesses and accelerating upcoming launches across North America and Europe.
The company claims that it has become the ‘standard choice’ for established brands looking to implement resale into their supply chain.
Emily Gittins, Co-founder and CEO of Archive said, “We’re building a future where circular business models are standard for every brand and a serious revenue driver. The customer response to Archive’s resale experiences has been extraordinary. This new funding will allow us to more rapidly help the world’s most innovative brands launch circular models and shape the future of retail.”