The Rise of Secondhand Shopping: Gently Revolutionizes the Industry with $2 Million in Pre-Seed Funding
Samuel Spitz, a self-proclaimed lover of secondhand clothing, was fed up with spending hours searching across dozens of resale sites to find specific items. "The market is very fragmented," he told TechCrunch, "with all the different sites, it’s hard to find what I want, and once I get on a site, I only see a fraction of what’s actually there." Oftentimes, Spitz would search for hours every week, coming up short. This frustration sparked an idea – to create a platform that joins all secondhand listings under one umbrella.
In March 2021, Spitz teamed up with fellow Rice University graduate Kunal Rai to launch Gently (formerly Wearloom), often referred to as the "Amazon for secondhand." This innovative platform enables users to shop across sites like Poshmark, Depop, and eBay from a single place. Initially, the company’s technology was a form that people could fill out with their desired clothing items. Spitz and Rai would manually compile search results and respond via email.
Rapid Growth and Expansion
By the end of the first month, Gently was serving 500 to 600 users every day, growing to thousands in the second month. As the manual searches became too much to handle, they started building a central platform for secondhand shopping online – what Gently is today. The company now partners with sites like eBay, ThredUp, Vestiaire Collective, Rebag, Grailed, GOAT, StockX, and The Luxury Closet, allowing users to search, filter, and receive alerts from secondhand clothing sites.
Gently’s Business Model
Gently makes a percentage of sales that it drives to these partner sites. "It’s similar to how Kayak operates for travel," Spitz explained. "We also bring in new customers that may have never shopped with them before." The platform aims to reduce the friction associated with secondhand shopping online, making it easier and more convenient.
Market Trends and Growth
According to ThredUP’s 2022 Resale Report, the global secondhand apparel market is expected to grow by 127% by 2026 – three times faster than the overall global apparel market. In the U.S. alone, the secondhand market saw "record growth" of 32% in 2021 and was forecasted to more than double in the next four years, reaching a value of $82 billion.
A Crowded Space with Opportunities
Gently is not alone in this space; other marketplaces and startups like Olive, Archive, The RealReal, and Tradesy have also entered the secondhand shopping arena. However, Gently’s innovative approach to aggregating secondhand listings under one platform has positioned it for success.
$2 Million in Pre-Seed Funding
Gently recently secured $2 million in pre-seed funding, which will be used to further develop the platform and expand its reach. This investment comes at a time when the secondhand market is experiencing significant growth, making Gently well-positioned for success.
Conclusion
Gently’s vision of revolutionizing the secondhand shopping industry has resonated with investors, securing $2 million in pre-seed funding. With its innovative approach to aggregating secondhand listings and reducing friction, Gently is poised to become a major player in this growing market. As the demand for sustainable fashion continues to rise, Gently’s platform will undoubtedly play a significant role in shaping the future of the industry.