- Banco Sabadell strengthens its position in the company
- This capital injection will allow GoTrendier to gain scale in its current geographies, and open a new market in Chile
- With more than 1.3 million users, the platform solidifies its position as a market leader in Latin America
GoTrendier, the leading application to buy and sell fashion among women in Latin America, continues its growth strategy with a new round of financing for $3.5 million.
Banco Sabadell strengthens its position, after its first investment last year through its vehicle BStartup. This round gives entry to a new shareholder, Ataria, a Peruvian fund that invests in technology companies with high early stage potential. IGNIA also reinforced its position, along with Antai Venture Builder, Bonsai Venture Capital, Pedralbes Partners and several business angels.
As explained by Sergio Pérez, Investment Director of Sabadell Venture Capital: "Market volume for buying and selling second-hand clothes in the world amounted to 360,000 million transactions in 2017, and it is expected to reach 400,000 million in 2022. For us, it is the combination of the huge market that GoTrendier is targeting, which is currently the leading marketplace in Mexico and Colombia, and the team leading the company which have resulted in our decision to support their growth towards becoming leaders in this segment in all Spanish-speaking countries".
The capital injection will allow the company to accelerate its growth rate in Mexico and Colombia, open a new market in Chile, and boost the technical team in order to incorporate new capacities that will allow the company to gain scale.
This is the third investment round in the company’s history. The company was founded in 2016 by four Spanish entrepreneurs who decided to launch marketplace in Latin America. The business model, which is implemented around the world, has won the trust of first rate investors.
Executive Director, Belén Cabido highlighted that: "this investment round is important to strengthen our position in the markets in which we operate and supports our commitment to a more responsible way of consuming fashion".
More about GoTrendier
GoTrendier is the largest Latin American community of users who buy and sell used women’s fashion, via their mobile phones. It is currently present in Mexico and Colombia, with 1.3 million users, who benefit from the value of buying from the largest marketplace in the region, and selling what they no longer use via this platform, building a new model which is more responsible and sustainable. Currently, the catalogue is composed of 1.5M items valued at 47.8M USD. Through purchases from GoTrendier, users have saved 12M USD and prevented more than 1,000 tonnes of CO2 emissions.
About Sabadell Venture Capital
Sabadell Venture Capital is the venture capital division of Banco Sabadell. It lends support to the early stages of entrepreneurial projects (pre series A, Series A) with minority holdings between 100,000 euros and 2 million euros per company. It offers two means of financing: direct capital investment and venture debt. To date, it has invested in 17 companies, such as ADSMurai; Forcemanger, Captio and 21Buttons.
Banco Sabadell’s commitment to startups is enhanced through BStartup, a support programme for young innovation and technology companies. BStartup has specialist offices and an investment vehicle for projects in their seed stages - BStartup10 and InnoCells-digital business hub and corporate venture arm.
To date, Banco Sabadell has allocated more than 175 million euros to startups, in bank financing as well as investment; it has more than 2,700 start-up customers and it has invested in more than 50 companies.