The RealReal, a US-based second-hand luxury goods marketplace backed by telecommunications firm Novel Group, closed a $115m series G round on Wednesday.
The round was led by PWP Growth Equity, the middle market private equity unit of asset management services provider Perella Weinberg Partners, and also featured private equity firms Sandbridge Capital and Great Hill Partners.
Founded in 2011, The RealReal runs a marketplace to resell authenticated luxury items. It employs more than 90 experts to authenticate and value items which can be picked up from the consignor’s home, dropped off at a RealReal store or shipped directly.
The funding will enable the company to open additional brick-and-mortar stores and add fulfilment centres to its network. Chip Baird, co-founder and partner of PWP Growth Equity, will join its board of directors.
The RealReal has now raised a total of $288m in funding. Great Hill Partners had previously supplied $50m in capital for the company in June 2017.
Greenspring Associates, E.Ventures, Greycroft Partners, Broadway Angels, NextEquity Partners, Springboard Fund, Canaan Partners, InterWest Partners, DBL Partners and Industry Ventures had backed The RealReal’s $40m series E round in 2016.
Novel had invested in the company’s $14m series B round in 2013 through its Novel TMT unit, participating alongside Canaan Partners, E.Ventures, Greycroft, Panarea Capital and private investors Suzy Welch and Sukhinder Singh Cassidy.