Kidizen, A Cellular Market For Secondhand “Youngsters’ Stuff” Raises Half A Million
Minneapolis-based mostly Kidizen has raised simply over half one million in funding for its cellular, peer-to-peer market which permits mother and father to purchase and promote their youngsters’s clothes, toys, footwear and different simply shippable gadgets. The thought is just like secondhand clothes market ThredUP and a number of other extra on-line consignment outlets aimed adults – and sometimes ladies – like Poshmark, Twice, or Threadflip, for instance. Like a number of of its rivals, Kidizen doesn’t play the intermediary by receiving and promoting the gadgets itself – as an alternative, mother and father deal with the packing and delivery, permitting them to save lots of on market charges.
Kidizen sellers retain roughly ninety % of the promoting worth, which undercuts a lot of the competitors, the founders beforehand defined.
Kidizen is rising its area of interest in a big market. Right now’s mother and father have quite a lot of avenues to promote the garments their youngsters outgrew, however have fewer choices for promoting toys, video games, footwear, and different equipment. Lately, sellers are likely to both hand the gadgets down to a different member of the family or good friend, have a yard sale, head over to Craigslist, or, in a newer development, at the moment are promoting regionally by means of apps like Nextdoor or inside certainly one of Fb’s many “on-line yard sale” teams.
It’s that latter expertise that Kidizen is most instantly aggressive with, however as an alternative of solely providing a chance to promote these sorts of things to different mother and father close by, it provides the choice to have you ever ship your items to consumers.
Kidizen, which is just obtainable as a cellular software, has been featured within the iTunes App Retailer each week since early April, and that visibility has been paying off. Co-founder and CEO Dug Nichols tells us that the group noticed over 2,500 transactions prior to now month, and gross sales are rising 50% month-over-month.
Nichols says the app can also be proving “sticky” – which means mother and father are returning commonly to purchase and promote once more. Over fifty five% of registered customers are lively on a month-to-month foundation, and over sixty five% of purchases are repeat purchases each month.
With the proof-of-idea concept seemingly beginning to pan out, Nichols says the extra funding might be put towards product expansions to Android, net and pill platforms, plus elevated consumer acquisition methods and constructing out the info analytics group.
Nichols can also be pleased to be operating his startup outdoors the Valley. “I’m extremely excited concerning the Minneapolis startup scene over all. There’s a lot occurring right here proper now and it really feels that we’re on the verge of exploding,” he says. “Minneapolis has lengthy been a robust well being and med-tech startup scene, however one thing totally different is occurring now and buyers from everywhere in the nation are coming to verify us out and get in on the motion.”
The corporate is now shifting right into a startups-solely co-working area referred to as Startup Enterprise Loft together with different space corporations, like Divvy, Retrace Well being, Evolve, and Export Overseas. Lead Pages, which simply raised one other $6 million, and Uber are within the constructing as properly, Nichols notes.
Buyers in Kidizen, which has now raised $530,000 – greater than its unique aim of $500K – presently embrace Gopher Angels, Steve Case, Emil Michael (SVP Uber), Daren Cotter (Founder/CEO Inbox Dollars), Pleasure Lindsay (Startec VC), Barb Stinnett (Timarron Group), Rob and Ryan Weber (Founders NativeX), Scott Burns (Founder GovDelivery), and others.