Online marketplace The Luxury Closet closes $7.8m series B round

Luxury goods marketplace the Luxury Closet has closed a $7.8m series B funding round led by regional venture capital firm Wamda.

Other participants included existing investor Middle East Venture Partners, Equitrust, Saned Partner, Arzan Venture Capital and “a few other regional investors” that were not named.

The firm said it would use the funds to accelerate its regional expansion, build its team and establish operations in Saudi Arabia.

Other investments in marketing and technology and the user experience of the company’s app are also planned.

“It is incredibly rewarding to have the backing of such visionary investors who have been catalysts for economic development in the Arab world, shaped the e-commerce ecosystem in the MENA region, and helped entrepreneurs capitalise on their ambition and ideas, creating multibillion dollar opportunities,” said Kunal Kapoor, the founder of The Luxury Closet

The Luxury Closet buys, sells and consigns personal luxury goods, which are mostly pre-owned, at a discounted price.

Since launching in 2011, it has attracted 300,000 members and nearly six million monthly visitors.