SAN FRANCISCO, CA / ACCESSWIRE / December 12, 2020 / While online resale is soaring and lockdowns are closing all major thrift stores and consignment shops around the country, Flyp announced that it has raised $1.1 million USD to build the world's first decentralized consignment service. Flyp's mobile app allows its members to sell their used clothes effortlessly, without having to do any of the actual work that comes with selling online or in stores. The app works by connecting clients with a network of vetted Professional Resellers who handle all the selling, negotiations, packing and shipping on their behalf.
The $1.1 Million round of funding saw the participation of venture capitalists like Peter Thiel backed 1517 Fund, 2048 Fund, and GroundUp Ventures. Flyp has reported that thousands of clients and professional resellers are already using the app, with resellers making more than $250,000 in secondhand sales during the pandemic.
"Flyp has provided a much needed opportunity in a tough time, empowering secondhand resellers to grow their resale businesses from home, while helping everyone else cash in on their clutter without having to do any work at all," said James Kawas, CEO of Flyp.
Rachael Arndt, one of the successful professional resellers on Flyp shares the impact of the service on her resale business: "I have been a Pro Seller on Flyp since April and it has completely changed my business! I have access to helping people sell their high end luxury items and it is so rewarding! I am passionate about reselling, and Flyp gives me an avenue to grow my business and further my expertise."
Now one of the fastest growing selling apps, Flyp was founded in 2020 after the co-founders Dani Arnaout & James Kawas, both Forbes 30 Under 30 honorees, have led a career focused on bringing secondhand marketplaces to millions of people with services like Saily and Mercari.
"Our team has spent nearly a decade in this market, and we believe that the resale economy is still in its early beginnings. There are hundreds of thousands of jobs that will be born out of this market, and we're trying to pave the path to enable the next generation or resellers to build sustainable businesses and incentivize other people to declutter and cash in on the things they no longer need," said Kawas, affirming the company's mission to expand the secondhand resale market.