Denver-based resale marketplace for children's equipment GoodBuy Gear raised a $14 million funding round this week to scale its online platform.
The startup allows parents, retailers and brands to sell and buy secondhand items, such as strollers, rockers, Boppy pillows, toys and high chairs. Since its founding in 2016, the startup has sold more than 270,000 secondhand items from more than 12,000 families.
It currently has warehouses in Denver, Philadelphia, Brooklyn, New York, and Washington, D.C., and its online marketplace is available to anyone in the U.S. Having expanded to the East Coast last year, GoodBuy Gear said some funding from this round will be used to continue scaling its geographical locations.
According to GoodBuy Gear co-founder and CEO Kristin Langenfeld, U.S. parents spend $87 billion on baby and kid gear each year, with most items only being used a handful of times.
“In fact, 83% of the inventory on our marketplace is never or barely used before it’s listed for resale — that’s the massive opportunity for GoodBuy Gear,” Langenfeld said in a statement.
GoodBuy Gear, which recently won the Small category of the DBJ's 2023 Small Business Awards program, has seen drastic expansion since 2018, growing an average of 186% year over year.
"GoodBuy Gear is currently working toward its pledge to save one million baby and kid gear items from landfills by the end of 2024," the company told the DBJ in May. "One of the biggest initiatives in 2023 that will help support this goal is launching the GoodBuy™ Car Seat Safety Check, the resale industry's first-ever proprietary process for buying and selling gently used car seats."
The GoodBuy™ Car Seat Safety Check program launched earlier this year.
As re-commerce, sustainability and affordability continue to be priorities for brands and families, GoodBuy Gear said it will expand its offerings and partnerships. The company has already doubled its retail and brand partners this year.
Continuing on its growth trajectory, GoodBuy Gear told the DBJ in May that it also will continue hiring part-time employees as needed for its Denver, New York City, Philadelphia and Washington, D.C., locations.
The recent $14 million round was co-led by Interlock Partners and Revolution Ventures with participation from Denver Angels, Access Ventures and others. This round comes almost three years after GoodBuy Gear raised a $6 million Series A.
