Wayne and Blake Geffen. Courtesy.
Vivrelle, a rental subscription that allows customers to which to rent a Chanel handbag or a Prada tote for $99 a month, has raised $26 million in Series A funding.
The round was led by Origin Ventures and included Chapford Capital Group. Founded in 2018 by husband-and-wife duo Blake and Wayne Geffen, Vivrelle saw triple-digit growth in revenue as well as new members last year. So far, the business is fully profitable, according to the founders.
“The shift we saw that helped propel our growth even during Covid was people seeing [Vivrelle] as an extension of their closets,” said Wayne Geffen. “As resale and rental become mainstream, the opportunities are endless.”
The new capital will go toward expanding operations and inventory to meet customer demand. So far, handbags have been the platform’s strongest category, though it also offers watches and jewellery.