Wednesday, September 25th, 2024
SecondShop has officially launched its platform after closing a $2 million CAD seed financing led by Harvest Venture Partners, known for building start-ups like Neo Financial, OneVest and Walnut Insurance. The platform focuses on home appliances and electronics.
SecondShop’s CEO, Cedric George, noticed that while second-hand shopping has increased in popularity due to sustainability concerns and the rising cost of living, the buying experience can leave a lot to be desired. “If you’re a Facebook Marketplace type of purchaser, you’re not getting any bells and whistles, and you might not even get the product you set out to get,” said Mr. George.
Consequently, Mr. George set out to solve this problem. His start-up sources returned or excess inventory directly from the retailer or manufacturer. Customers can purchase these products on SecondShop’s online marketplace. As a competitive advantage to other marketplaces, SecondShop offers features like warranties, buy-now-pay-later options and loyalty programs.
Alex Gold, founder and general partner at Harvest Venture Partners remarked on the platform’s success, stating, “it’s the fastest growing business in the history of Harvest”. The future appears to be bright for the start-up, as Gold commented that “cash flow positive dynamics emerged very quickly,” with Second Shop.
Author: Maddy Cummings, 2024-2025 Articling Student
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