London-based start-up Cudoni has landed a £425,000 investment which will help it to expand its luxury goods resale service beyond the capital.
Founded by 26-year-old entrepreneur James Harford-Tyrer the service enables users to resell luxury items from fashion to accessories, homewares and electronics. Having relaunched last May, it says it has since seen a 10-fold increase in sales.
Cudoni has been backed by Giles Brook, CEO at coconut water brand Vita Coco and Matt Cooper, founder of bank holding company Capital One and chairman of Octopus Investments among others.
Harford-Tyrer hailed the deal as a “fantastic way to start 2018”. “Previously, our focus had remained predominantly on London, but with the help of this investment we will be able to expand the business nationwide, starting in my home town of Manchester, as well other major UK cities such as Cambridge, Oxford and Edinburgh.
“Giles and Matt have had a stake in Cudoni since the get-go, and I’m thrilled that they, along with our other investors, will be part of this continued journey,” he said. The business will also be investing in technology to improve customer service, recruiting seven new team members, “and adding adjacent services, such as launching buyer functionality to our platform, and reducing required item processing time and consumer input, to maximise ease of use.”
Cudoni claims to be able to secure higher prices (up to 30% more) for its customers than if they had sold the goods online themselves and its service includes valuation, pick-up and delivery, listings, professional photography, as well as managing sales and payment.