Luxury Garage Sale Closes $5 Million Series A Funding Round
Scott Savitz, Founder of Shoebuy.com, will join Brian Spaly, Founder of Bonobos and Trunk Club on the Luxury Garage Sale Board
CHICAGO, June 1, 2016 /PRNewswire/ – Luxury Garage Sale (also known as “LGS”), a leading designer brand consignment retailer announced today it has raised $5 million in Series A funding led by Boston-based Data Point Capital. Also participating were new and current investors including Chicago Ventures, Hyde Park Angels, Pallasite Ventures and Brian Spaly. The company will use the new capital to expand their product offering, open new locations and enhance their online presence.
Co-founded in 2011 by Brielle Buchberg and Lindsay Segal, LGS provides a curated, white glove service for buyers and sellers in the $16 billion women’s fashion resale market. The luxury consigning and shopping experience is available across four diverse retail channels, including boutiques in Chicago and Dallas, an e-commerce website (www.luxurygaragesale.com), several online marketplaces, and pop-up shops around the country.
“With revenues growing 3X over the prior year, millions of online visitors with almost no marketing spend, and the average LGS store achieving over $1,300 per square foot, we couldn’t be more thankful to our buyers and sellers that have continued to fuel our growth,” said Lindsay Segal, Co-Founder and CEO of LGS. “We are totally committed to providing a best-in-class white glove service and a truly seamless omni-channel experience both in-store and on-line.”
In 2015, LGS opened two new storefronts, moved into a 25,000 square foot flagship location in downtown Chicago, and increased its staff to now 85 employees. “It has been an exciting last twelve months, but with this new capital, a great team, and our experienced board, I truly believe we have only just begun,” said Segal.
“We search for remarkable companies that are achieving great scale,” said Scott Savitz, Managing Partner of Data Point Capital. “Whether it is new customer acquisition, repeat buying, lifetime value, customer satisfaction, unit economics or consigner engagement, you name it, LGS has clearly proven they make the grade.”
Brian Spaly, co-founder of Trunk Club and Bonobos added, “the LGS team has built a very big business on very limited capital. Few start-ups are able to build such a big business profitably, with so little investment. We’re eager to see what the LGS team will achieve with this most recent infusion of capital. I look forward to a terrific 2016 and beyond.”
About Luxury Garage Sale
Luxury Garage Sale is Chicagoland’s preeminent designer consignment business, selling new and gently-used designer brand and vintage wardrobe items both online and in-store. The white-glove full-service offers consignors no upfront fees, anonymity, and up to 65% of the selling price of any item. Buyers can expect fully authenticated, curated offerings across multiple platforms.
About Data Point Capital
Data Point Capital focuses on companies that can be leveraged and scaled on the Internet. Categories of interest include mobile, social networks, payments, e-commerce, internet of things, machine learning, cyber-security, and emerging technologies. Our analytical approach allows us to invest in companies that are at key inflection points in their lifecycles. The firm is made up of business executives and Internet leaders who have created tremendous value through building a number of very successful companies (in many cases, again and again). At Data Point Capital, we like to think of ourselves as entrepreneurs helping entrepreneurs and that by investing with independent thinking based on real, differentiating innovation and complementary key metrics, superior results can be achieved. For more information please visit the Data Point Capital website at www.datapointcapital.com.