Online Retailer TheLuxuryCloset Raises USD 7.8 Mn In Series B Funding

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Theluxurycloset.com, an online marketplace that buys, sells and consigns personal luxury goods, has closed a USD 7.8 million Series B round of funding.

The financing was led by Venture Capital firm Wamda Capital and Middle East Venture Partners (MEVP), a tech focused Venture Capital firm that has seeded and reinvested in The Luxury Closet since 2012. Equitrust, Saned Partners, Arzan Venture Capital and a few other regional investors are also joining this round.

With this new major capital, along with the collective guidance and expertise of its investors, The Luxury Closet plans to accelerate its growth and regional expansion, continue to build its team and set up operations in Saudi Arabia. It also plans to make further investments in marketing and technology, continue its rapid pace of digital retail innovation, and enhance its user experience and engagement by developing an App.

“It is incredibly rewarding to have the backing of such visionary investors who have been catalysts for economic development in the Arab world, shaped the e-commerce ecosystem in the MENA region, and helped entrepreneurs capitalize on their ambition and ideas, creating multibillion dollar opportunities,” said Kunal Kapoor, the founder of The Luxury Closet.

“Our friends at Wamda Capital, MEVP and all the other investors are as committed as we are to the long-term growth and global scale goals of our company,” added Kapoor.

Wamda Capital invests in transformational businesses in a complete cycle of support, starting from seed to growth stage. “This next generation of online luxury retail is ushered by a new sharing economy where individuals are able to monetize personal assets. We’re excited to be by their side to support their growth,” said Fares Ghandour, Partner, Wamda Capital.

Walid Hanna, Founder and Managing Partner of MEVP said, “We are very confident in our decision to continue investing in The Luxury Closet. They were a bold, passionate, agile and very dynamic start-up from day one, and today, four years later, they have become the region’s premier online market place for pre-owned luxury.”

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