Streamlining secondhand fashion, Twice gets $4M funding

Competitor with Threadflip, 99Dresses, Twice sees value in taking unwanted clothes off your hands

The Internet has become the go-to place to find great prices for a diverse range of fashions. From big retailers selling online to flash-sales websites and live auctions, there are a lot of options when it comes to discovering new clothes and accessories, but what about second-hand items? 

The second-hand/consignment market has been growing online as of late, with companies like 99Dresses, Threadflip and now Twice.

Twice has just announced securing $4 million from investors including IA Ventures, Felicis Ventures, Lerer Ventures SV Angel, CrunchFund*, High Line Venture Partners, Buddy Media CEO Mike Lazerow, Trialpay CEO Alex Rampell, Former Twitter VP Elad Gil, Milo CEO Jack Abraham, and former Etsy CEO Maria Thomas.

To stand out among its competitors, Twice has taken a 100% focus on its concierge-style market place. Others offer stylist concierge services to find items but are more interested in peer-to-peer sales.

Anyone with too many items in there closet can send in their clothing to Twice (which pays for shipping) and get a check a mere week later. Items are evaluated by professional buyer (just like when you walk into a second-hand or consignment store in your neighborhood), then they are professionally photographed sold with the 8500 items on the site at any given time.

If you are looking to buy, Twice lets you order with free same day shipping for anything over $49 (if you are spending less then the shipping is $5). And continuing on this no fuss and affordable Zappos route, returns within 30 days are free.

"These are some of the best investors in the world, and also people we've wanted to work with for years," said Noah Ready-Campbell, Twice co-founder and CEO. "Secondhand clothing is a multibillion-dollar market, and we feel extremely fortunate to be able to work with IA's Roger Ehrenberg and the rest of our syndicate to tackle this opportunity." 

The company makes its dollars by buying clothing at a third of its anticipated selling price. 

"Since we launched in March, customers have fallen in love with our convenience and value," said Calvin Young, Twice co-founder and CTO. "Our new funding will help us broaden our selection, and build out a number of highly requested features that will make our service even simpler and more fun for our customers."

The company really takes all the work out of selling your items but you do, obviously get less money than you might at local places, but, if you have ever waited for that process, it might involve sitting in the store for an hour before you are even seen by buyers.

Earlier this summer, I reported on five startups that graduated the 500 Startups class with a very fashionable twist. From sending the latest trends in men's fashion right to your door to a tie of the month-style service, fashion is garnering funding left and right lately.