Participation by Hashed, Altos Ventures, etc., total amount 15.4 billion KRW
User count surpasses 200,000 within 8 months of launch
Mineace, the operator of the fashion recommerce (secondhand trading) service ‘Charan,’ announced on the 24th that it has secured 10 billion KRW in Series A funding. The total accumulated investment amount is 15.4 billion KRW.
This round of investment was led by Hashed. ▲Altos Ventures ▲SBVA (formerly SoftBank Ventures Asia) ▲Delivery Hero Ventures ▲Hana Ventures also participated in the investment.
Charan is a fashion recommerce service that sells secondhand clothing on behalf of sellers. When users request a pickup through the app, the company handles the entire process from collection to cleaning, photographing, listing product information, and delivery. Additionally, using its proprietary data, Charan sets optimal prices to provide maximum profit. Buyers can purchase clothing from popular brands on the Charan app at prices up to 90% cheaper than the original retail price. To ensure customers receive trustworthy products quickly, Charan has established its own inspection system and internalized its logistics system.
Launched in August last year, the Charan service surpassed 200,000 users within eight months. Monthly sales last month increased 4.5 times compared to December of the previous year, achieving this growth within just one quarter. This figure represents a ninefold increase compared to the launch month. The industry expects the secondhand market, which was valued at $177 billion (244 trillion KRW) in 2022, to expand to $350 billion (483 trillion KRW) by 2027.
Kim Seo-jun, CEO of Hashed, explained the reason for the investment, saying, "Charan is a startup proving stable growth with a market-specialized strategy in the recently emerging recommerce industry. We expect it to lead the market based on fast and precise execution capabilities."
Kim Hye-sung, CEO of Mineace, stated, "The investment funds will be used to strengthen supply chain construction and management capabilities, and we plan to enhance the service by expanding recruitment of IT specialists. We will continue to strive so that customers can purchase secondhand clothing that feels like new at reasonable prices and conveniently sell clothes from their wardrobes."
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