eBay Ventures is the venture capital investment arm of eBay, which invests in disruptive early-stage companies who are revolutionising the commerce landscape. Any and all startups building the new age of digital innovation are welcome and they are happy to invest in startups that don’t directly impact the eBay marketplace.
Their last investment is into UK based luxury resale platform Cudoni, who have secured a £7.5 million round from eBay’s venture arm and existing investors.
Cudoni was founded to simplify the luxury resale process from clothing to jewellery. This isn’t your typical eBay experience, Cudoni treat customers like VIPs – There’s no taking photos of your items yourself, trying to calculate a price, or making trips to the post office. Cudoni take care of the entire process, start to finish, so you can get on with your busy life. Think eBay for high flyers with very expensive luxury goods to dispose of, that want top prices.
Cudoni cater for those that not only couldn’t be bothered to take photos, create listings, and ship sold items, but who have products which justify engaging professionals to realise the full value of the items. While you might be fortunate enough to pick up a Calvin Klein handbag for £20 on Cudoni, you can equally splash out in the region of £50k for a Hermès bag.
eBay are fully signed up advocates of the circular economy with their Love Island preloved partnership and investments in the refurbished tech and authenticated fashion categories, so Cudoni appears to be a great fit for the current direction the marketplace is moving in. Their values are aligned with eBay’s and their business is parallel, albeit generally attracting a well heeled clientele with high ASP goods.
It is an outstanding vote of confidence in the brand and our ambitions, to receive investment from recommerce pioneer, eBay, during what has been an incredibly tough year for the consumer sector.– James Harford-Tyrer, founder and CEO, Cudoni
There are two key takeaways from this investment – firstly the circular economy and preloved fashion is pervading all parts of society, from those whose economic circumstances force them to shop second hand right up to consumers with ample financial means. It’s fashionable fashion when you can tell someone that oustanding garment or accessory is second hand and so not as ecologically damaging as buying new.
Second, eBay Ventures is a little known investment arm of eBay, so if you are an early-stage tech disruptor and looking for backers, don’t forget to approach them as they just might think your business is a good fit.