The New York City-based rental company, which offers users monthly access to accessories like Chanel handbags and Hermes jewellery, has closed its $35 million Series B funding round, it announced.
The round was led by 3L Capital. Other investors include Origin Ventures, Chapford Capital Group and Plus Capital. Actresses Lily Collins and Nina Dobrev also participated.
Vivrelle will use the capital to purchase more inventory and expand its retail footprint. Currently, it has a “membership club” outpost in Manhattan. Last year, Vivrelle raised $26 million in a Series A round. Since then, its revenue has grown 500 percent. It has a waitlist of nearly 8,000 people, according to founders Blake and Wayne Geffen.
“It’s super important to us and our investors that this business is growing aggressively while running profitably,” said Wayne Geffen. He added that the company achieved EBITDA profitability early on since its launch in 2018.
Learn more:
Why Fashion Still Hasn’t Cracked Rental
The recent shuttering of rental start-up Seasons highlights how logistics costs and uncertain cash flow have dimmed the prospects of a once-hot retail concept.
