Luxury handbag and jewellery rental service Vivrelle has closed a Series A funding round, in which it raised $26m in capital.
The financing round was led by venture capital firm Origin Ventures, with participation from private opportunistic credit fund Chapford Capital Group among other companies.
Vivrelle will use this capital to support its membership growth and expand its product offering to meet increasing demand from members.
The funding will also enhance the company’s marketing initiatives and partnerships, and increase its services, operations and internal teams.
Vivrelle co-founder and CEO Blake Geffen said: “We are thrilled to close our Series A funding with the support and confidence of Origin Ventures and Chapford Capital Group.
“This round of financing will allow Vivrelle to scale its one-of-a-kind platform, and continue offering individualised and unparalleled customer service to our community of members.
“It’s an exciting opportunity to advance the growth of circular fashion and be at the forefront of reimagining consumers’ shopping experience.”
Founded in 2018, Vivrelle is an accessories membership club that provides access to designer handbags, jewellery, watches and diamonds from luxury brands for a monthly membership fee.
Despite the Covid-19 pandemic, the company recorded triple-digit growth last year. In October, it partnered with fashion and lifestyle shopping platform ShopStyle on a rental programme.
Origin Ventures managing partner Jason Heltzer said: “Vivrelle is uniquely positioned at the intersection of the exploding resale and shared economies.
“Its understanding of millennials and ‘Generation Z’ consumers, who spend differently than previous generations, has enabled it to build an incredible business that provides on-demand access to luxury brands at the speed of fast fashion without compromising on environmental impact and quality.”