Recommerce technology company Secondsense has completed a $2 million funding round, the company has announced.
U.S.-based Secondsense aggregates luxury handbag resale data, helping consumers to get a better picture of the true market value of potentially costly used products from luxury brands such as Hermès and Chanel. Its mission is to make “luxury resale more transparent, personalized and accessible,” according to the company.
Secondsense uses “proprietary algorithms” to assign a secondhand handbag a rating from its five-tier system ranging from “great deal” down to “bad deal” to inform consumers whether they’re getting a good price on a potential purchase.
A used Louis Vuitton Cluny bag currently on sale with luxury platform Farfetch is rated a “bad deal” at £2,673, for example, while a Louis Vuitton Lockit Top bag available on the same platform for £1,288 is described as a “great deal”.
The fundraiser was oversubscribed, demonstrating investors’ interest in the intersection of luxury resale, technology and data, Secondsense claimed.
“We built Secondsense to bring order to the chaos,” said CEO Chris Lucas. “Our proprietary AI empowers shoppers with real market data so they can shop smarter, invest better, and find the right item at the best condition and lowest price.”
The company said it would use the funds to advance its infrastructure and also to develop its work with resale platforms and individual boutiques.
