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Luxury resale service startup Cudoni lands £425k investment

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by Startacus Admin

Cudoni, a startup that focuses on reselling luxury fashion, accessories and consumer electronics items has Cudonilanded a £425k investment.

Founder of Cudoni, 26-year-old James Harford-Tyrer, has landed a £425,000 investment for his UK startup, which will create seven new jobs and see the company expand its reach across the country.

Based in London, the luxury resale service re-launched in May last year, and has seen a 10-fold growth in sales in the past six months, with the new investment agreed just ahead of the new year. Backing the business is Giles Brook, the CEO of coconut water brand Vita Coco and Matt Cooper, founder of bank holding company Capital One and Chairman of the global venture capital firm Octopus Investments, amongst others.

Cudoni“This is a fantastic way to start 2018,” said Harford-Tyrer.“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.

Cudoni focuses on reselling high-quality, luxury items from a range of categories such as fashion, accessories and consumer electronics. Unlike its competitors, the brand offers a VIP service to ALL customers, which includes valuations of their goods, pick-up and delivery, listings, professional photography and sales. In addition, the brand utilises extensive market research and in-house developed algorithms to secure a higher sales price for its customers, securing on average 30% more than if customers were to sell the items themselves.
 
 

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Published on: 4th January 2018

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