Retykle closes funding round to underwrite expansion
Hong Kong-based children’s clothing resale platform Retykle has closed a new round of seed funding to support its expansion plans.
According to the company, funds raised will enable Retykle to invest within its home market of Hong Kong, as well as expanding its reach into Singapore and Australia. The investment will be used on technology development, including hiring engineers to build out personalisation, a peer-to-peer marketplace and mechanisms.
“We’ve focused on the customer experience to cultivate a love for and habit around using the platform to buy and sell which leads to a sticky customer with frequent purchases and sustained customer lifetime value,” said Sarah Garner, founder of Retykle.
The high-profile angel investors include co-founder of Lazada Tim Rath and investor John Wood, who Room To Read and Powered By Purpose.
“The businesses best set up for long-term success are those that pursue purpose in addition to profit,” said Wood. “Retykle’s model is great for the planet and for family finances.”
The funding comes at a time when the Covid-19 pandemic has reportedly made it harder to source investment for startups, especially for women.
“Recent news from TechCrunch shows that funding for women is reverting back to 2017-era levels,” said Nicole Denholder of Next Chapter Raise.