Amsterdambased Otrium series C funding for 120 million euros has been announced, making it one of the largest recent European funding rounds for a fashion technology company. Otrium is a fashion resale platform, connecting reseller brands and buyers across the world. This additional funding will be used to continue its mission to further digitalize the fashion resale industry, revolutionizing the secondhand market.
Fashion Resale Industry
Otrium’s primary focus is to create an efficient and transparent resale market for all players involved. With the continuous growth in the secondhand market, businesses are struggling to keep up with the increasing demands. As an online marketplace, Otrium facilitates retailers and buyers to interact and purchase as well as sell pre-owned apparel.
Otrium’s Funding Round
Otrium have announced that they have raised a 120 million euros series C funding round, led by Europe’s largest venture capital firm, Accel. Other major investors include Felix Capital, Longwater Opportunities, Hong Kong-based Susquehanna International Group and Swedish investment firm AB Kinnevik.
This additional funding brings Otriums total raised capital to 165 million euros, and is set to transform the secondhand fashion market. The company boasts a current total revenue of 36 million euros and has plans to triple this figure in the next 12 months.
Since its founding in 2016, Otrium has rapidly grown. It now serves over 300,000 members globally, as well as over 200 retailers who use the platform to reach new customers, increase brand loyalty and drive sales.
Otrium plans to use this new funding to innovate and expand its platform, introducing several new classes of service. This will include a digital rental platform, offering shoppers the opportunity to rent luxury items at affordable prices, further increasing consumer access and reducing waste.
This series C funding round marks a major development for the Amsterdambased Otrium and the fashion resale industry at large. With the continued growth in the secondhand market, Otrium plans to revolutionize the fashion resale industry with its digital platform and innovative new classes of service. This additional funding will now provide Otrium with the resources necessary to transform the industry and will create an exciting new opportunity for digitally native shoppers.