Luxury resale service Cudoni raises £425,000 following 2017 re-launch
Previously called SellSprint, new investors in the start-up include Giles Brook, CEO of Vita Coco EMEA, and Matt Cooper, chairman of Octopus Investments
Cudoni, a luxury resale site that sells second-hand items from a range of categories including fashion, accessories and consumer electronics, has raised £425,000 in its latest funding round.
A move that will see the start-up create seven new jobs, investors included Startups Awards 2017 judge and CEO of Vita Coco EMEA Giles Brook, founder of Capital One and chairman of Octopus Investments Matt Cooper, global head of product at Exane BNP Paribas Paul Schneider, and Keith MacDonald, a partner at Ernst & Young, amongst others.
Aiming to offer “a VIP service to all customers”, which includes valuations of their goods, pick-up and delivery, listings, professional photography and sales, Cudoni also utilises extensive market research and in-house developed algorithms to secure a higher sales price for its customers – claiming to secure, on average, 30% more than if customers were to sell the items themselves.
Founded by James Harford-Tyrer as SellSprint back in October 2015, the brand re-launched in May 2017 as Cudoni – and claims to have seen a 10-fold growth in sales in the past six months.
Moreover, the London-based business was recently recognised in The Telegraph as one of the best fashion resale sites in the UK.
A serial entrepreneur from a young age, 26-year-old Harford-Tyrer created his first business at just 13, and was previously COO of a tech start-up backed by Lebara Mobile.
“This is a fantastic way to start 2018.
“Previously, our focus had remained predominantly on London, but with the help of this investment we will be able to expand the business nationwide, starting in my home town of Manchester, as well other major UK cities such as Cambridge, Oxford and Edinburgh.
“Giles and Matt have had a stake in Cudoni since the get-go, and I’m thrilled that they, along with our other investors, will be part of this continued journey.
“To further improve the experience for new and existing customers, we plan to invest in our team and in new technologies.
“This includes recruiting seven new team members, adding adjacent services, such as launching buyer functionality to our platform, and reducing required item processing time and consumer input, to maximise ease of use.”
Giles Brook, CEO of Vita Coco, said:
“I’m very selective in what and who I get involved with and my involvement in Cudoni stems from having originally met and been beyond impressed with James, the founder.
“Whether I connect with the founder is THE prerequisite for me when I look at getting involved in any business and whilst I instantly gained excitement about Cudoni and the pre-owned luxury goods market, particularly having seen some of the USA success stories in this space, the business opportunity had to be married with a founder who could realise that potential.
“I’m really excited about how disruptive James & Cudoni can be in this space, especially looking at the success already achieved in 2017.”