Dubai-based start-up The Luxury Closet, an e-commerce platform for pre-owned luxury goods, has closed an $11 million growth funding round, which it will use to expand into Hong Kong.
The expansion will see The Luxury Closet acquire Hong Kong-based Guiltless.com, an e-commerce platform that was founded in 2014 by Yen Kuok and which also specialises in new and second-hand luxury goods.
The Luxury Closet founder and CEO Kunal Kapoor said the acquisition of Guiltless.com will provide the Dubai start-up with a “strong foothold in the rapidly growing Asian market” and allow it offer delivery, and concierge services customers in Hong Kong.
The funding round was led by Knuru Capital, a newly set-up fund that invests in global tech companies, and which will now become a key shareholder in The Luxury Closet, together with the two main existing shareholders, Middle East Venture Partners (MEVP) and Wamda Capital.
The acquisition also allows MEVP’s seed vehicle, MEVF I, to provide its limited partners an initial return on their investment.
Walid Mansour, Partner at MEVP, said The Luxury Closet is opening-up the “ultra-valuable GCC closets to a fast-growing global demand for unique pre-loved luxury items.”
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