The RealReal receives $50 million in funding from Great Hill Partners
The RealReal announced on Tuesday that is has closed a $50 million growth equity financing from private equity firm Great Hill Partners. The new financing brings The RealReal’s total funding to $173 million.
The luxury consignment company will use the new funding to expand its offices and retail concepts, as well as continue to scale its operations and category expertise. Founded in 2011, The RealReal has used its past funding to expand its domestic and international networks. The company is also expected to pay consignors nearly $300 million this year from the resale of their luxury items.
"Six years in, The RealReal continues to expand in exciting ways and this incremental capital will be instrumental in supporting the business and our continuous growth," said The RealReal CEO and Founder Julie Wainwright.
In addition to the growth equity financing, The RealReal also announced that Michael Kumin, Managing Partner of Great Hill Partners, will join the Board of Directors.
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