Used Clothing Purchasing Startup "NewOff" Secures Seed Investment from FuturePlay

From Free Pickup to Cash Settlement for Brand-Name Clothing
Fast Service Completed Within Three Days

NewOff, a used clothing purchasing service that allows users to easily and quickly sell clothes they no longer wear, announced on July 8 that it has secured seed (early-stage) investment from FuturePlay. The investment amount was not disclosed.

With NewOff, customers can leave brand-name clothes they are reluctant to throw away at their doorstep, where they are collected free of charge. Each item is individually inspected by model, and payment is completed in cash within three days. This service addresses both the inconvenience of secondhand transactions and the limitations of used clothing collection, which have been major challenges in the existing secondhand fashion market.

In addition, by diversifying sales channels through online sales on its own shopping mall, Smart Store, and other open markets, as well as offline used clothing flea markets, NewOff has improved the uncertainty associated with selling items. The company has created a structure that enables immediate cashing out without the need for direct connections between sellers and buyers. In particular, NewOff uses a proprietary purchase price algorithm and inspection data from over 100,000 items to accurately assess the value of each piece of clothing and offer reasonable purchase prices.

Yoon Hyojun, CEO of NewOff, stated, "Our goal is to create a circular system in which anyone can sell and buy clothes they no longer wear without regret, especially in the used clothing sector, which is known for its complicated processes. With this investment, we plan to strengthen our inspection capabilities, expand our purchasing centers, and launch our own specialized secondhand clothing commerce app within the year so that more customers can use NewOff."

Kwon Ohyung, CEO of FuturePlay, who oversaw this investment, commented, "Although the used clothing market continues to grow, users still face significant inconveniences. NewOff is a team that has directly experienced the market and has systematically designed solutions for everything from purchasing to payment and distribution. We expect NewOff to become a trusted and widely chosen alternative in the reuse market going forward."

Meanwhile, NewOff recently officially launched its used clothing purchasing app and is rapidly expanding its service coverage nationwide.