Pickle – a peer-to-peer rental marketplace making local closets shareable on demand – recently announced that it has secured $8 million in seed funding. This funding round was co-led by FirstMark Capital and Craft Ventures with participation from Burst Capital. This funding round will accelerate Pickle’s growth, expand its team, facilitate entry into additional US markets, launch new categories, and advance its mission of making all high-quality, underutilized goods in people’s homes accessible and affordable to rent.
Pickle’s solutions start with the closet. And by connecting hundreds of thousands of closets within a community and making items available for same-day rental, Pickle makes it easier and more enjoyable for anyone to keep items in circulation:
— List – Earn passive income between wears by simply uploading a photograph and description of the item, setting the price and availability, and selecting their preferred shipping method (integrated couriers, self-delivery, or standard shipping for non-local rentals).
— Rent – Sustainably keeps pace with microtrends, experiment with personal style, and access luxury items for less by shopping Pickle’s selection of apparel based on location, occasion, style, and more, selecting when they need the item, and paying only for the time they use it.
This year, Pickle achieved an average of 55% month-over-month revenue growth, supported by a 90% customer retention rate after twelve months of joining. And it has powered side hustles generating up to five figures a month and solidified its appeal among the fashion-conscious, from celebrities and stylists to students and young professionals. With this new funding round, Pickle can maintain its momentum by onboarding top talent across engineering, marketing, and customer experience, expanding its ambassador program, increasing supply in new and existing markets, and establishing its brick-and-mortar presence.
FirstMark co-founder Rick Heitzmann is joining Pickle’s board of directors, alongside the founders. Craft co-founder and StubHub founding CEO Jeff Fluhr and FirstMark principal Derek Chu will serve as board observers.
KEY QUOTES:
“When operating and investing in major marketplaces, we consistently focus on organic growth and the network effects generated by customers who love the product. Pickle has captured a level of virality and retention that I rarely see. I knew we had to be a part of it and look forward to helping them scale their passionate community.”
— Rick Heitzmann co-founder and partner at FirstMark
“Pickle’s marketplace combines a passionate community with a delightful commerce experience for renters and a valuable income stream for owners. I’m always intrigued by businesses that give people a way to make money from an underutilized asset they already own. Most importantly, Brian and Julia understand this market and nailed the user experience.”
— Jeff Fluhr, general partner at Craft Ventures
“Most people wear 20% of the items in their closet 80% of the time. We’re unlocking billions of dollars of underutilized items by combining the power of the shared economy with the convenience of on-demand delivery. We’re creating community-sourced micro-warehouses on every corner of a neighborhood so that it’s easy, fast, and affordable for anyone to rent. With backing from the world’s most esteemed marketplace experts, we look forward to expanding into more communities and categories.”
— Brian McMahon, co-founder and CEO of Pickle
“Millennials and Gen Z are increasingly confronted with pressure to keep pace with microtrends, balance its financial and environmental cost, and pacify the pull for instant gratification. I am one of them. Pickle solves it. I can borrow a Cult Gaia dress last minute from someone uptown for the party I’m attending that night, and feel good that I’m powering circular fashion. Alternatively, I can rent out the Prada bag I saved up for to recoup some of that initial investment.”
— Julia O’Mara, co-founder and COO
