That’s real money.
TheRealReal, a San Francisco–based online company that specializes in authenticated, consigned luxury items, said it has received $50 million in growth equity financing from private equity firm Great Hill Partners.
This brings the company’s total funding to $173 million. The new funding will be used to continue scaling the company’s operations, a statement said.
“[T]his incremental capital will be instrumental in supporting the business and our continuous growth,” said founder and CEO Julie Wainwright in a statement.
Founded in 2011, The RealReal claims 5 million buyers and consignors. It expects to pay consignors nearly $300 million from the resale of their luxury items this year.
Michael Kumin, Great Hill Partners’ managing partner, will join The RealReal’s board.