The Los Angeles-based marketplace, founded by Rachel Gannon, is investing in AI-powered inventory management and personalized shopping as it expands its roster of more than 200 brands.
Offe Market has raised $3 million in a seed round to expand its technology-driven off-price shopping platform.
The Los Angeles-based marketplace’s latest round was led by Slauson & Co., with participation from InvestTN and Baukunst, bringing its total funding to $4.3 million. Baukunst previously led the company’s pre-seed round.
Founded by Rachel Gannon, who serves as chief executive officer, Offe Market sells excess inventory from fashion, beauty and lifestyle brands at discounts ranging from 30 to 80 percent off retail prices. The company operates online and has a store in L.A.’s Echo Park neighborhood, which also serves as an event space and content studio.
Offe Market has grown 2.5 times year-over-year across revenue, shopper count and order volume, according to the company, and has worked with more than 200 brands, including Harper Wilde, Obey, Wrangler, Rachel Antonoff and Dolce Vita.
The funding comes as the company looks to grow its presence in the online off-price retail market.
“Off-price is a multibillion-dollar industry, yet some of its biggest players still generate less than 2 percent of sales online,” said Waverly Middleton, an investor at Slauson & Co., in a statement. “With Offe Market, we see an incredible opportunity to reach a new generation of shoppers while giving brands a trusted channel to move excess inventory.”
According to Gannon, demand has been particularly strong for accessories and versatile wardrobe staples.
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