Madeleine Memory has attracted KRW2.1 billion ($1.5 million U.S.) in pre-Series A2 funding, led by new investor A Ventures with participation from existing backer Coolidge Corner Investment, according to the Seoul-based operator of resale as a service (RaaS) Relay.
Founded in November 2018, Madeleine Memory offers Relay as a digital infrastructure for fashion brands to sell secondhand luxury products. It’s built recommerce service for Korea Exchange-listed fashion clothing company LF Corp.
With this new investment, the company plans to expand Relay beyond manufacturers to other parts, like distributors, in supply chain to enhance customer’s accessibility to resale market, it said in a news release widely reported by local media.
“By providing brand services that address customer needs for resale, which has become a lifestyle, we aim to provide reasonable consumption options to customers and new growth engines to brands. Through this investment, we will create the standard for the ‘new retail’ era in which resale becomes an essential option for the brand experience,” said CEO Jaewon Yoo.
During a last year’s interview to a local daily, Yoo said 82,422 tons of clothes were thrown away in the country in 2020.
