The DC-based fashion startup, Snobswap, which offers an online marketplace where users can sell, swap, and shop pre-owned luxury clothing and accessories, announced today that it has raised $700,ooo in a seed round initially expected to close at $500,000. Prior to this seed financing, the company was self-funded.
Participants in the round include SimplePitch, as well as angel investors from within the fashion industry and from investment firms. According to a statement, Snobswap will use the money raised from this round will help them to launch their mobile apps, make improvements to their Web platform, and increase business development and marketing efforts to catch up with the demands in their user and sales growth.
On top of allowing everyday users use the Snobswap platform, the company works with consignment and other secondhand clothing stores in order to stock their inventory, putting together a comprehensive platform that supports both peer-to-peer interaction and support for traditional brick-and-mortar establishments. To date, hundreds of these consignment boutiques have applied to sell on the platform.
“We’re excited that the best consignments boutiques in the nation are using SnobSwap as their e-commerce platform. We carefully curate the boutiques that to make sure members are getting the best selection, ” said co-founder and CMO Emily Dang, in a statement. “The mobile app, which will be released soon, will be the first of its kind to allow shopping brick and mortar consignment boutiques at the tip of your fingers.”
Snobswap is a graduate of Fortify Ventures’s accelerator, The Fort, and is featured in the Startupland documentary series.