Led by Flying Fish Ventures, new funding will accelerate market expansion and fuel the technology needed to make resale a reality for all
PORTLAND, Ore., Aug. 9, 2022 /PRNewswire-PRWeb/ -- Sella, the preeminent resale platform that "sells your stuff for you," announced today that it has closed $3M in seed funding, led by Flying Fish Ventures. The raise substantiates Sella's business model, which is tackling resale in different way -- through an end-to-end selling service for consumers, driven by gig 2.0 labor and logistics.
"Resale is growing 20x+ faster than retail, but we're still barely scratching the 'stuff' surface. More than 1 billion items sit in our homes each year. Items we don't use and don't necessarily want in our homes, but have high consumer demand and value. Why is that?" said Sella founder and CEO, Byron Binkley. "People aren't merchants. They don't participate in resale because the selling friction is simply too high. We've proven that if you remove those barriers and prioritize seller profit, it works. We're eager to see it work at scale with this new investment."
Sella will utilize the newly secured funding to expand into new markets, responding to demand for its service, which has grown 5x MoM this year. Today, Sella operates fully with service networks in Portland, OR and Dallas, Texas, also offering consumers nationwide a mail-in service option, especially popular for easily mailable items like Apple products, collectibles, and designer bags, accessories and shoes.
Sella's platform acts as a virtual assembly line; stitching together a distributed gig 2,0 network, remote resale exports, and first / last mile logistics. Instead of large-scale fulfillment centers, gig workers in local markets operate micro-warehouses out of their homes during the selling process. The efficiency of Sella's platform is what makes it unique, tackling the biggest challenge resale marketplaces see today: reverse logistics. The result: an end-to-end selling service with a seamless experience.
"We're seeing really interesting things happening with c2c right now. The trends accelerated by the pandemic are no longer trends, they are large-scale shifts in behavior. The way people consume is changing, making the timing key for our investment in Sella, which we forecast as the 'Amazon for resale'," said Geoff Harris, Managing Partner at Flying Fish Ventures. "Sella offers an elegant solution for consumers and is engineered for efficiency at scale. We're bullish on this business today, and what the introduction of AI and Machine Learning will unlock to keep even more items in use out of landfills.
With a dedication to sustainability at its core, Binkley, a dad of two, personally sees the value in buying pre-owned stuff versus new because it's good for communities, local economies and the environment. When he experienced the recurring issues associated with trying to buy and sell stuff on online marketplaces such as Craigslist and eBay, like price haggling, sharing personal information and the no-shows when someone seemingly wanted your stuff, he knew there was a better way. Sella's end-to-end "sell my stuff" platform was born.
"In five years, Sella will own the onramps to the circular economy with 50k hubs in markets across the country," closed Binkley. "We're teeing up the future of large-scale resale."
Media images HERE. Visit http://www.hellosella.com for more information.
Media Contact
Jennifer Ritchie, Sella, 1 206-354-8049, [email protected]
SOURCE Sella
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