Hong Kong kids apparel resale platform Retykle has closed its pre-Series A funding round led by Singaporean venture capital firm Pine Ventures and joined by angel investors.
The round takes its total funding to US$2.2 million. The company said the funding will be used to fuel its market expansion while building out the senior leadership team and new ‘Resale as a Service’ technology.
“Retykle stood out to us with its distinctive model and great potential,” said Hyuk-tae Kwon, co-founder and CEO at Pine Venture Partners. “Retykle provides a much-needed service for mothers of children while reducing our carbon footprint, and that is something fully aligned with Pine Venture Partners’ investment philosophy.”
According to Retykle, the global resale market grew by 28 per cent and is expected to double in size during the next four years, reaching $350 billion.
Founded by fashion industry veteran Sarah Garner in 2016, the retailer made its international debut in Singapore in 2021 and is eyeing expanding into Australia.
The brand recirculated more than 150,000 items in 2021, with “tens of thousands” of parents joining the platform. Retykle made the Top 15 Asia’s Most Innovative Sustainable Retailers list by Inside Retail Asia last year.
