‘Recl’ Raised Series A Funding to Lead the Used Clothing Market
Reading Time: 2 minutesRecl, a Korean startup operating mobile used clothing collection and on-line and off-line vintage stores, raised Series A funding. The investment was led by Smilegate Investment, Sema Investment, Gentium Partners, and existing investor Big Basin Capital. This funding comes roughly six months after Recl’s pre-Series A bridge investment in October 2023.
Recl plans to use the new funds to build a system for efficient logistics processing, hire developers to improve service quality, open regional logistics centers, and expand its off-line stores, all with the aim of enhancing its overall service offerings.
The company initially launched a “contactless on-demand” business model to address the challenges of traditional used clothing collection services. Customers can simply place their unwanted clothing outside their doors for pickup, and Recl takes care of the professional inspection and resale, offering higher rewards for collected items.
Recl’s newly opened off-line store, Renewed Seongsu, has quickly become a hot spot among domestic and international Gen Z consumers, fueling Recl’s growth. Moreover, in February, Recl introduced a VAT refund service for foreign customers, called KTP (Korea Tax-Free Payments), aiming to increase convenience and create new value-consumption areas in the global market.
Currently, Recl provides used clothing collection services in 15 cities and provinces across South Korea, including Seoul, Gyeonggi, and Incheon, with expansion into Busan, Gangwon, and Daejeon. The platform has over 4 million cumulative users and collected over 800 million items in 2023. Its collection volume in 2023 reached approximately 1,880 tons, a 500% increase from the previous year’s 313 tons, making Recl the top single-company collector of used clothing in South Korea.
Furthermore, Recl maintains a consistent resale rate of over 80% within seven days for the clothing it collects, solidifying its position as a leading player in the value-added used clothing market.
Recl’s CEO, Yang Soo-bin, remarked, “The used clothing market is growing at an annual rate of over 10%,” adding, “We’ll keep working hard to provide high-quality service to both sellers and buyers, so that Recl is the first name that comes to mind in the used clothing market.”
- SURFF COMPANY Completes Seed Round, Enhances Maritime Logistics with Real-Time Rates
- Allmytour Secures KRW 1 Billion Bridge Round for Global Expansion, Enhanced Services
- HITEJINRO Makes Follow-Up Investment in MR.PAPA, Supporting Global Expansion
- T’order Raises Over KRW 30 Billion in Series B, Valued at KRW 300 Billion, Expanding Globally
- Aiz Entertainment Secures KRW 6 B in Funding for AI-Based Content Development
- Didim365 Secures Naver Cloud Investment, Accelerates AI and Digital Transformation
- 01Republic Secures Funding to Expand the SaaS Management Solution ‘Scordi’
- AI Startup BFAI Secures Seed Funding to Expand WhaleAI Marketplace for SMBs
- Nullee Raises KRW 5B in Series B to Enhance SSEM Tax Filing Service and Expand
- ModuSign Secures 17.7 Billion KRW Series C Investment for E-contract Solutions
