Twice raises $18.5 million in funding
Twice is an online women’s clothing company that has raised $18.5 million in funding led by Andreessen Horowitz with participation from existing investors IA Ventures, Felicis Ventures, Lerer Ventures, WTI, Mike Lazerow, Joe Greenstein and Maria Thomas. Twice has now raised a total of over $23 million. Twice users send in items directly to the company. The clothing is reviewed, measured, photographed, and put for sale.
Twice resells clothing from well-known brands like Banana Republic, J. Crew, Ann Taylor, and Gap. The average price of the items are around $20. Potential sellers can request a prepaid bag that can hold up to 30 clothing products.After Twice receives the clothes, they will price the items.
Before pricing an item, Twice looks into a group of data including pricing on other websites and how quickly a brand sells. The average woman sends in around 17 items and Twice accepts around 11 of them to be sold. Others are donated to Goodwill. Around 95% of women accept the price that Twice assigns to the clothes.
Twice sends users a check or PayPal deposit for the clothes that have been sold. Twice has hundreds of thousands of customers and has grown over 500%. Twice has launched iPhone and iPad apps recently, which is begin thousands of downloads per day.