London-based AI driven marketplace Frinkly looking to raise €1 million in funding

London-based e-commerce platform Frinkly, that curates listings of used brads assuring all items still have plenty of life left and rejecting low-quality brands and extremely worn out pieces, is raising €1 million in its first pre-Seed funding round.

Founded by Mia Soarez who has founded multiple small e-commerce businesses with more than 10 years of experience in social media and digital marketing in growth strategy, and Gary Grace who also acts as the Senior Software engineer of the company with great expertise in specialised payments and iOS apps, it’s no wonder Frinkly is going to be one of the top smart marketplace’s for second hand clothes.

Frinkly’s main use is as simple as this. You can take photos of your items, and set your minimum price. Frinkly reviews your items, adds descriptions, and prices them according to the market value. If your minimum is too high your items might not sell. You will be paid as soon as the buyer confirms everything’s ok. Fees range from 5%-20% based on the item’s brand. The higher the item’s value, the lower the fees. Fees are applicable per checkout amount, not individual items.

Meanwhile you can enjoy free postage across all sellers on orders over £15. When simultaneously shopping from different sellers, easily checkout in a single payment. Pay securely via bank card, Apple Pay, Google Pay or your Frinkly Balance.

Frinkly’s platform is easier to use by design diminishing average list times than in other commercial sites out there with an unimaginable automation system for brands like The RealReal, Goat, Valentino and many more.

In 2021 more thatn 90 million shoppers have tried reselling for the first time compared to 16 million in 20220. The resale fashion market is currently growing 11 times faster than traditional retail. By 2030 the resale market will be twice as big as the fast fashion market.

Frinkly is planning to use this investment to grow in size with new developers to come onboard as well as expand internationally. They currently use android only with more than 1000 users but they also plan to integrate web3 applications that will accelerate their everyday users to the moon.