Luxury Promise announces £3m Series A round
Luxury Promise, an online marketplace for the resale of luxury goods and accessories, has raised £3 million from VC firm Beringea, the former backer of Monica Vinader and Watchfinder.
The Series A funding also included existing investor Lloyd Amsdon, co-founder of Watchfinder, which was acquired by Richemont in 2018.
Luxury Promise previously raised friends and family rounds, making this its first round of institutional funding. The cash will be used to broaden the offering available on the marketplace, expand the venture’s repairs and workshop expertise, and open a storefront location.
“We are very proud of the platform we have built at Luxury Promise, having become the go to luxury retailer for discerning clients with a focus on sustainability,” says Sabrina Sadiq, Founder and CEO.
“We are delighted to have partnered with Beringea and Lloyd Amsdon, both of whom provide a strong endorsement of our achievements to date and additional capital to enable us to maintain our strong momentum.”
Karen McCormick, Chief Investment Officer at Beringea, comments: “Luxury re-sale is a space we have followed for a number of years.”
“Sabrina’s focus on authenticity, long-term customer relationships, and highest quality product really set Luxury Promise apart from competition. The forward focus on in-house repairs and inventoried product is a further differentiator.”
