Cudoni secures multi-million-pound investment amidst global pandemic

by Startacus Admin

The premium fashion resale service, Cudoni, announces major £4.6 million investment to help support brand growth internationally

Great news from premium fashion resale service, Cudoni which has announced the backing of key investors to secure a total of £4.6 million worth of investment for the brand. Cudoni has formally announced that the Daily Mail Group Ventures led the investment round to raise funds from Andrew Jennings as well as US fund, Hunt Investment Group and South African fund, Concurrence Capital.

This investment was secured in addition to further backing from previous investors including Lord Mervyn Davies (Chairman of the Lawn Tennis Association) and Cudoni Chairman Matt Cooper (Founder of Capital One). 

Cudoni has been extremely successful in its fundraising strategy as we’d previously covered when in 2019 the startup had secured £1.4 million investment to support its international growth plans and back in 2018 when the luxury resale service startup had raised £425k investment.

This latest investment is believed to be the largest amount ever raised for investment within a UK fashion resale business.

The investment will support brand growth internationally at a time when the luxury resale market is booming, fueled by consumer concerns for sustainability and a move away from fast fashion.

Speaking of the investment announcement, founder James Harford-Tyrer said:

“It is great to receive further backing from industry pioneers and business leaders, during what has been an incredibly tough year for the consumer sector amongst others. This investment comes at a crucial stage in our growth journey, at a time where we are looking to be increasingly present on the global stage. The valued support and investment from new and existing investors will allow us to continue our rapid expansion both within the United Kingdom and overseas. We remain excited that business leaders continue to invest in the luxury resale market through Cudoni as part of an important movement towards a more sustainable and conscious way of living.”

One fifth of the funds raised has come from overseas investors and the investment will enable the luxury resale brand to further finance recruitment as well as allowing Cudoni to branch into international expansion.

The business is a market leader in fashion resale, boasting a premium service centered on complete convenience for clients. Cudoni has also received media recognition, including being named as one of the top resale sites by the Evening Standard, Vogue Business and Tatler, amongst others. Cudoni’s marketplace has hosted the wardrobes of some of London's most fashionable residents, including celebrity socialites Millie Mackintosh and Louise Thompson as well as journalist Celia Walden.

Alongside this, Cudoni has recently launched two successful charity campaigns in support of Women’s Aid and Future Dreams.

This year, serial entrepreneur James Harford-Tyrer was named as one of Forbes 30 under 30. He founded Cudoni in 2017 after spotting a gap in the market for a premium online service for customers who valued their time and did not want the hassle of reselling themselves. In just three years, Cudoni has quickly carved a path as a market leader in its field; testament to a fresh and innovative new approach to the traditional retail sales model. 

 

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Published on: 10th November 2020