Flat6Labs UAE invest in Bazaara’s expansion plans
Bazaara, the peer to peer resale fashion app, has successfully raised US$230,000 in its pre-seed round led by Flat6Labs UAE. The new round of funding will help the company expand its platform's reach across the GCC with a full launch in Saudi Arabia planned for 2023.
Alyssa Mariano, CEO and co-founder of Bazaara, added, "This new round of funding is an exciting milestone for Bazaara as we build on our early success and expand our platform's reach across the GCC. With a full launch in KSA planned for 2023, we aim to provide an even more seamless and sustainable way for our user base to thrift shop. The investment is a testament to the organic growth we have achieved so far and the potential for further expansion.”
Since its launch in 2021, Bazaara’s peer-to-peer platform has accumulated over 25,000 listings, with a combined value of more than $1.5 million. The platform’s appeal spans across different audiences who are passionate about thrifting for its sustainability, affordability, and creative expression. This has led to up to an average month-on-month growth rate of 70 percent and an increasing popularity of the platform.
According to Global Data, the global apparel resale market size is $182.4 billion in 2022. The market is expected to grow at a CAGR of more than 16 percent from 2022 to 2026. According to Mariano, on average, about 80 percent of a person's closet is sitting idle and unused, equivalent of $460b of untapped inventory worldwide. According to global research, the resale market is growing 11 times faster than the overall retail market and the second hand market is estimated to overtake the fast fashion market by 2029. MENA’s second hand clothing market is valued at approximately $10b.
"At Flat6Labs, we are always looking for innovative startups that have the potential to make a positive impact on the world. With a rapidly growing user base, Bazaara is not only tapping into the increasing demand for sustainable fashion options but also creating a community-driven marketplace that connects buyers and sellers in a unique way," added Ryaan Sharif, General Manager at Flat6Labs, UAE.
Bazaara has simplified users' buying and selling process, with a courier automatically dispatched to collect and deliver sold items and earnings deposited directly into the seller's account. The app, available on both Google and App stores, is free to use, with a small transaction fee added on top of seller’s profit for each sale.