Denver, CO, June 20, 2023 (GLOBE NEWSWIRE) -- GoodBuy Gear, the leading online resale marketplace for baby and kid gear, today announced a total of $14M in funding co-led by Interlock Partners and existing investor Revolution Ventures. The female-founded-and-led startup also received new funding from Crawley Ventures, Mana Ventures, Access Ventures, Relay Ventures and Denver Angels.
The capital will enable GoodBuy Gear to further scale its online marketplace and solidify its position as the leading and most trustworthy baby and kid resale brand.
“Parents in the United States spend $87B on baby and kid gear every year, and most of those products are hardly used. In fact 83% of the inventory on our marketplace is never or barely used before it's listed for resale—that’s the massive opportunity GoodBuy Gear was founded to solve,” said CEO and co-founder, Kristin Langenfeld. “With this funding, we are able to accelerate our pace in addressing the entirety of this substantial market.”
GoodBuy Gear enables parents, brands and retailers to safely and sustainably recirculate quality-used baby & kid products. The industry leader continues to grow its addressable market and deepen its penetration through expansions in product verticals, geographies, and partnerships. In the first months of 2023, GoodBuy Gear expanded to sell pre-owned, quality-inspected car seats—a first in the industry—and doubled the company’s base of brand and retail partners.
“Interlock is impressed with the rapid growth in demand for resale solutions in this space—from parents, brands, and retailers—and the monumental traction GoodBuy Gear has consistently achieved within all three verticals,” said Carl Sparks, Managing Partner at Interlock. “We are confident in GoodBuy Gear’s promise and capacity to lead here.” Carl previously served as CEO of Academic Partnerships, CEO of Travelocity Global, President of Gilt Groupe and CMO of Expedia and has joined GoodBuy Gear’s board of directors.
GoodBuy Gear’s Series A investors were also inspired by the brand’s traction and growth, accompanied by strong fundamentals, and chose to up the ante this year, including Revolution Ventures who is now co-leading the series alongside Interlock VC.
“Trusted by retailers, brands, and parents alike, Goodbuy Gear has quickly become the go-to marketplace for sustainable and price-accessible baby and kids’ gear. We remain proud partners of Kristin and the team as they continue to scale this must-have solution for parents that solves the re-commerce imperative for retailers and brands,” said Clara Sieg, Partner at Revolution Ventures.
Founded in 2016 and named the winner of Denver Business Journal’s 2023 Small Business Awards, GoodBuy Gear has sold over 270,000 secondhand items and has helped more than 12,000 families resell their used items to date. GoodBuy Gear currently offers white glove selling services in Denver, Philadelphia, Washington D.C. New York City and each city’s surrounding metro areas as well as nationwide shopping and shipping, enabling parents to save an average of 50% off retail. Since 2018, GoodBuy Gear has grown an average of 186% year over year.
About Revolution Ventures
Revolution Ventures is Revolution’s institutionally-backed early stage fund investing in companies around the country that are attacking large, multi-billion dollar categories. Co-founders Steve Case and Investment Partners Tige Savage, David Golden, and Clara Sieg work with companies that meet their disciplined criteria and form true partnerships with founders to help them build market-leading businesses. Revolution Ventures is headquartered in Washington, D.C. and part of Revolution’s family of funds including Revolution Growth and the Rise of the Rest Seed Funds. Visit us online at revolution.com/ventures or @Revolution.
About Interlock VC
Interlock Partners is an early-stage venture capital firm with offices in Dallas and New York focused on making investments in transformative technology companies. Interlock is proud to partner with exceptional entrepreneurs with big ideas and bold attitudes who are building category leading companies in areas such as business services, advertising, marketing, financial services, education, human capital, and e-commerce. As seasoned entrepreneurs and operators ourselves, we prefer to back innovators who can leverage the deep expertise of the Interlock team. For more information, please see www.interlock.vc.
About GoodBuy Gear
GoodBuy Gear is the leading online, managed marketplace that enables parents to conveniently and sustainably circulate quality used baby and kid products. GoodBuy Gear’s mission is to give shopping and selling secondhand children’s items the convenience and legitimacy it deserves. Learn more about GoodBuy Gear on Instagram, Facebook, Twitter, LinkedIn and TikTok.
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