THE REALREAL RAISES $115 MILLION IN NEW FINANCING
Luxury consignment retailer The RealReal has closed a new round of $115 million Series G financing. The round was led by PWP Growth Equity, the middle market private equity group of Perella Weinberg Partners, with additional participation from new investor Sandbridge Capital and existing investor Great Hill Partners. As part of the investment, Chip Baird, co-founder and partner of PWP Growth Equity, will join The RealReal’s board of directors. With this round, The RealReal has raised a total of $288 million in equity capital.
“This new round of funding will allow us to expand our brick-and-mortar footprint into new markets, as well as support our growing supply of luxury goods with new e-commerce fulfillment centers,” said Julie Wainwright, founder and CEO of The RealReal. “Over the last seven years, we have re-envisioned the experience of buying and selling luxury goods, and become a leader in the circular economy for luxury goods.”
“Julie and her team have created an industry-leading company that is redefining the consignment marketplace and how consumers acquire luxury goods,” added Baird. “With a continued move towards e-commerce and the rise of second-hand good purchases, The RealReal is uniquely positioned to benefit from these shifting trends. We are excited to partner with the company as they work to bring their innovative marketplace to even more consumers and consignors.”
Ken Suslow, founding managing partner of Sandbridge Capital commented, “We are highly enthused to be partnering with Julie and her excellent team as they continue to innovate the way forward for the buying and selling of luxury goods with a compellingly modern business approach.”
“We are excited about the progress at The RealReal and are pleased to continue the productive partnership we’ve enjoyed with Julie and her talented team,” said Michael Kumin, managing partner at Great Hill Partners, which initially invested in the business in 2017. “This financing will enable the company to accelerate its investments in building the premier consignment and shopping experience in the luxury market.”
