US online retailer RealReal raises $40m investment

21 April 2016 (Last Updated April 21st, 2016 18:30)

US-based online fashion retailer RealReal has raised $40m in a new funding round, taking the total money it has raised since its inception five years ago to $123m.

US-based online fashion retailer RealReal has raised $40m in a new funding round, taking the total money it has raised since its inception five years ago to $123m.

This funding round was led by Greenspring Associates.

Greenspring Associates invests in private firms and venture capital funds.

"The retailer intends to use the fund to bolster its overseas expansion and open warehouses."

The retailer intends to use the fund to bolster its overseas expansion and open warehouses, reported Internetretailer.com.

RealReal founder and CEO Julie Wainwright was quoted by the website as stating that the company's current valuation is not lower than it was in the previous round of investment.

The firm initially intended to wait until next year to raise investment before eventually planning for an IPO. However, it decided to raise the investment now due to the uncertain nature of the investment market.

Wainwright had served as CEO of several firms, including Pets.com, which had become bankrupt a year after it went public.

RealReal sells second-hand designer apparels.