Snobswap Snags $1M To Take Consignment Shops Digital

Bringing bricks-and-mortar online seems to be a natural transition in the retail industry, but not every retailer is created equal in their experience of making the switch.

That’s why one startup is trying to make it easier for consignment shops stuck in the physical world to transform into digital shops. And according to TechCrunch, this startup is well on its way to helping after raising $1 million to help those shops make their digital transformation.

Snobswap has secured its latest round of seed funding to help expand the “luxury online mall.” Of course, Snobswap isn’t the only player in the space trying to help small merchants get their goods online, but this particular startup claims to be different by helping them sort and organize their inventory by what will sell best online. Big brands on Snobswap include Chanel, Christian Louboutin, Cartier, Louis Vuitton, Céline, Tory Burch, Coach, and Alice & Olivia.

“Nobody is solely focused on brick-and-mortars, as we are. They’re either like TheRealReal’s model – like an online consignment boutique…then there’s those like Tradesy, which is p2p. We’re in a space that’s unique and focusing on providing an online platform for brick-and-mortar boutiques,” CEO Elise Whang told TechCrunch.

TechCrunch’s report indicates that the latest round of investors include Dingman Angels, NextLevel Management and other angels. Previous investors include Simplepitch, which helped lead its $700,000 in funding from angels.

While Snobswap was initially focused on the peer-to-peer selling model, it has since revamped its service into focusing on retailers to help scale its plans. Now, Snobswap has the opportunity to bring something new to a market that’s becoming saturated by companies that don’t necessarily focused on a niche like consignment. Most recently, however, eBay has also gotten deeper into the consignment space by acquiring Twice.

“We’re confident that our model will create true value for our customers by connecting them to professional sellers – true experts in retail,” Whang said. “And to give these businesses on Main Street a national platform to reach a wider audience…also provides them long-term business value.”

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