Twice operates an online consignment shop for women’s mass-market clothing where users send items to Twice to be reviewed, measured, photographed and sold on the company’s site. It focuses on mass-market brands such as Banana Republic, Gap, J Crew and Ann Taylor and targets an average price point of about $20 per item. Sellers can request a prepaid bag or print a free label; on average women send 17 items and Twice accepts around 11, with 95 percent accepting the prices Twice assigns. Twice pays sellers by lump-sum check or PayPal deposit (or a Twice gift card with a 25 percent bonus) and marks up items slightly to generate profit. In two years the startup has accumulated hundreds of thousands of customers and grown over 500 percent, and it recently launched iPhone and iPad apps that were seeing thousands of downloads per day and were featured by Apple. The company plans to use new funding to aggressively hire talent and expand operations and has signed a lease for a warehouse in the Mission district of San Francisco. Twice operates a concierge-style secondhand clothing marketplace where sellers mail in items (Twice pays shipping), items are evaluated by professional buyers, professionally photographed, and listed for sale. Sellers receive a check about a week after sending items, and buyers get free same-day shipping on orders over $49 with free 30-day returns. The company monetizes by buying clothing at roughly one-third of the anticipated selling price and taking a cut of the margin after ancillary costs. Twice reports an inventory of about 8,500 items and a $1 million revenue run-rate. Founders Noah Ready-Campbell and Calvin Young, both ex-Googlers, hired a Director of Buying from brick-and-mortar secondhand store Crossroads to round out their team. The startup plans to use the new financing to bulk up hiring and to expand into handbags, shoes, children’s and men’s apparel, while remaining focused on women’s for now.

Total raised

$23M

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2014