Luxury meets thrift for Dubai startup raising funds to go abroad
Published 16 Jun,2021 via Bloomberg Technology & Innovation - Dubai may be better known as the Middle East’s capital of excess but a startup based in the city is raising funds for international expansion by marrying luxury with thrift.
The Luxury Closet, an online platform for buying and selling used high-end goods, secured fresh financing led by regional investment firm GMP Capital, alongside international and local investors including Huda Beauty Investment, the private office of the founders of a popular Middle Eastern cosmetics brand.
The proceeds of the latest $14 million equity round will be used to bankroll the company’s expansion outside the United Arab Emirates as the global pandemic puts a strain on people’s finances and investors take more interest in sustainable fashion. The U.S. is already the Dubai startup’s second-largest market after the Gulf.
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Nicolas Parasie