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Goodmans LLP
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SecondShop has officially launched its platform after closing a $2 million CAD seed financing led by Harvest Venture Partners, known for building start-ups like Neo Financial, OneVest and Walnut Insurance.
Canada
Technology
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SecondShop has officially
launched its platform
after closing a $2 million CAD seed financing led
by Harvest Venture Partners,
known for building start-ups like Neo Financial, OneVest and Walnut
Insurance. The platform focuses on home appliances and
electronics.
SecondShop’s CEO, Cedric George, noticed that while
second-hand shopping has increased in popularity due to
sustainability concerns and the rising cost of living, the buying
experience can leave a lot to be desired. “If you’re a
Facebook Marketplace type of purchaser, you’re not getting
any bells and whistles, and you might not even get the product you
set out to get,” said Mr. George.
Consequently, Mr. George set out to solve this problem. His
start-up sources returned or excess inventory directly from the
retailer or manufacturer. Customers can purchase these products on
SecondShop’s online marketplace. As a competitive advantage
to other marketplaces, SecondShop offers features like warranties,
buy-now-pay-later options and loyalty programs.
Alex Gold, founder and general partner at Harvest Venture
Partners remarked on the platform’s success, stating,
“it’s the fastest growing business in the history of
Harvest”. The future appears to be bright for the start-up,
as Gold commented that “cash flow positive dynamics emerged
very quickly,” with Second Shop.
