The RealReal, an online retailer for authenticated luxury consignment, has legitimated
the sale of up to $70 million in brand-new shares, per a delaware stock authorization filing discovered by the Prime Unicorn Index. If the company raises the entire amount, it would come a valuation of $1.06 billion, cementing its status as the newest e-commerce unicorn.
The filing doesn’t guarantee The RealReal will vend the full amount of legitimated
shares. The company declined to comment on its fundraising plans.
The RealReal is led by founder and majesty executive officer Julie Wainwright (pictured), the former CEO of Pets.com, a company now synonymous with the dot-com bust. It has raised quite a bit of capital to date — a total of $288 million from adventure capital and independent equity backers, including fantastic Hill Partners, Sandbridge Capital, PWP Growth Equity, Industry Ventures, Greycroft Partners and Canaan Partners. Most recently, The RealReal closed a successions G financing of $115 million in July 2018 that valued the business at $745 million, per PitchBook.
The RealReal has recently expanded its brick-and-mortar footprint and added extra e-commerce fulfillment centers as require increased for its supply of second-hand luxury items. Founded in 2011, the company operates eight luxury consignment offices, where customers can collect free valuations of their luxury items. The RealReal is headquartered in San Francisco.
In a conversation with TechCrunch in 2017, Wainwright confirmed the company’s intent to go public at some point. With this upcoming circular, The RealReal would be well placed for a 2020 initial public benefaction.
“That’s the goal,” Wainwright said during the interview. “We really aren’t in the mood to vend the business, we’re in the mood to go public at some point in the future.”
The RealReal competes with fellow second-hand e-tailers ThredUp and Poshmark . The latter is gearing up for a descend IPO, according to The Wall road Journal. The online marketplace has tapped Morgan Stanley and Goldman Sachs to guide its benefaction after closing in on $150 million in revenue in 2018. ThredUp, another major player in the fashion retail marketplace, hasn’t raised capital since 2015, but did commence opening physical stores in 2017 as part of its greater effort to contest with fellow adventure-backed second-hand e-tailers.
The RealReal would also be the latest in a successions of high-profile female-founded companies to earn unicorn status. Glossier tripled its valuation to $1.2 billion with a $100 million circular earlier this year, followed by Rent the Runway, which attracted a $125 million investment at a $1 billion valuation, to name a few.