Indonesian pre-loved luxury marketplace Tinkerlust announced that it has raised an undisclosed pre-Series A funding round led by Merah Putih Inc., a subsidiary of GDP Venture, and angel investor Danny Oei.
“With this investment, our aim is accelerate growth by providing women the next generation fashion-sharing platform. We’ll be heavily investing in engineering, product, and supply chain to provide a seamless and enjoyable experience for buyers, sellers, and renters,” Tinkerlust CEO Samira Shihab explained the company’s plan with the new funding.
The company will also expand its warehouse to accommodate more sellers and supplies.
Tinkerlust enables users to purchase, sell, and even rent second-handed luxury fashion items such as dresses, shoes, or handbags. The startup curates, prices, photographs, writes product descriptions, and lists the items on their desktop platform.
“We track sale prices according to a variety of metrics like brand and category. Sellers are presented with the pre-loved market value of their items and their sellability. Additionally, we track purchase behaviour and together with other data points project the likelihood that an item is purchased by each user,” Shihab said.
Since its launch in 2016, the startup said that it has “thousands” of individual sellers on board the platform, with 278 per cent growth in page views and 417 per cent of new users in the past year.
Most of its sellers are based in Jakarta, though the platform has gathered buyers from other cities in Indonesia.
The Central Jakarta-based startup was founded by Shihab and Aliya Amitra. Shihab was a founder of LokalSocial, a SaaS company that targets the hospitality industry, while Amitra had spent over 10 years working at Citibank and JP Morgan.
Prior to the funding round, the startup has been run through bootstrapping for two years.
“We’ve been bootstrapping for the past two years as we were clear that we wanted to take the company to a certain growth point before raising VC funds,” Shihab explained.
“The beginning of this year, we saw that our business was growing rapidly but we needed capital to invest in our supply chain infrastructure and product,” she added.
Shihab also cited plans for the startup to focus on the domestic market first before considering to expand regionally.
Image Credit: Tinkerlust