IGNIA, Ataria Ventures, and Banco Sabadell led a US$3.5m investment in GoTrendier, a clothing resale marketplace founded in Mexico by Spanish entrepreneurs, to fund expansion to Colombia and Chile. Previous investors include Antai Venture Capital, Bonsai Venture Capital and Pedralbes Partners.
(Press Release) GoTrendier, the leading application to buy and sell fashion among women in Latin America, continues its growth strategy with a new round of financing of USD $3.5 million.
This is the second round in just over a year, which gives entry to a new shareholder, Ataria, a Peruvian fund that invests in technology companies with high potential in early stages. Existing investors Banco Sabadell and IGNIA reinforced their position, along with Antai Venture Builder, Bonsai Venture Capital, Pedralbes Partners and several business angels.
As explained by Sergio Pérez, Investment Director of Sabadell Venture Capital: “The volume of the market for buying and selling second-hand clothes in the world was 360,000 million transactions in 2017 and is expected to reach 400,000 million in 2022. For us, the combination of the huge market that GoTrendier is targeting, which today is the leading marketplace in Mexico and Colombia, and the team that leads the Company, has made us decide to accompany them in their growth to be leaders in this segment in all Spanish-speaking countries.”
The capital injection will allow the company to accelerate its growth rate in Mexico and Colombia, open in Chile, and strengthen the technical team to incorporate new features that will allow the company to scale.
This is the third round of investment in the history of the company, founded in 2016. GoTrendier is a pioneer in the category of buying and selling used clothing online among individuals in Latin America and its growth has been exponential since its launch, with more than 1.3M users. It currently has a catalog of 1.5M of garments valued at USD $47.8 million. Buying on GoTrendier, women have been able to save USD $12 million and have avoided more than 1,000 tons of CO2 emissions.
“The online retail resale business has been very successful in Brazil, the US and Europe. The recent performance of GoTrendier reaffirms the great opportunity that Latin America represents. With our investment we reiterate our commitment to the prosperous future of GoTrendier”, said Christine Kenna, partner at IGNIA.
Executive Director, Belén Cabido stated, “this investment round is important to strengthen our position in the markets in which we operate and reinforces our commitment to a more responsible way of consuming fashion”.