Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Competition in the online resale market is heating up: luxury secondhand marketplace The RealReal just announced that it has raised $40 million in Series E funding.
The company, which prides itself on its authentication process for the site's selection of handbags and designer items, has raised a whopping $123 million so far in funding, and says that it plans to use this latest cash infusion to grow both in the US and abroad.
If things go well, there could be big things ahead: The RealReal CEO and founder Julie Wainwright told Fashionista that her company is on its way to an IPO. Wainwright didn't disclose 2015 revenue, but she said The RealReal has a goal of reaching $1 billion in annual sales within the next two to three years.
Investors have been giving the resale market a major vote of confidence lately, in the form of millions of dollars. Clothing resale site and app Poshmark just raised $25 million last week in order to further its brand partnerships and wholesale business, and clothing resale site ThredUp raised $81 million last October.