Luxury Promise raises $11m in a follow-on round led by Beringea to fund global expansion
The London-based pre-owned luxury platform has secured backing from Beringea alongside prominent retail executives.
Luxury Promise operates a global e-commerce platform for buying, selling, and swapping authenticated pre-owned luxury goods.
Luxury Promise has raised $11m in a follow-on funding round led by transatlantic venture capital firm Beringea. The capital will support the company in scaling its operations, expanding its international footprint, and growing its team across multiple departments.
The investment also drew participation from several notable industry figures and strategic backers, including former Jimmy Choo chief executive Pierre Denis and former De Beers Jewelers chief executive Francois Delage. The transaction brings the total capital secured by the firm to $20m.
Founded in 2017, the London-based business combines live video shopping with authentication technology to facilitate the resale of high-end goods. The fresh capital will be deployed to roll out the live streaming platform across new time zones and languages.
From the founder
"Luxury Promise is on a mission to disrupt the luxury resale market through our community-first approach to live shopping. This raise enables us to build upon our rapid growth, roll out our live streaming platform on a wider international scale as well as scale our operations and tech integrations to fortify our presence as a leading global player in luxury resale"
Sabrina Sadiq
Founder and CEO at Luxury Promise
Investor perspective
"Luxury Promise remains one of the true luxury re-sellers of highly authenticated products, with incredible client engagement and repeat rates. Sabrina isn’t just a founder, but a friend and inspiration to the wider Luxury Promise community, and the true spirit of the brand. Her specialist expertise and effortlessly inclusive leadership has built a remarkably diverse, motivated, and creative team. We see huge potential in the business as it enters the next exciting chapter of its growth."
Karen McCormick
Chief Investment Officer, Beringea
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Scale operations
Investors
Karen McCormick
Beringea
Francois Delage
Pierre Denis
Chryseis Tan
Active Partners
New World Group
About the company
Luxury Promise
Luxury Promise runs a live shopping and e-commerce platform for pre-owned luxury items.