Avelle raises banknote as new battling Bonanza expands into designer handbags

Avelle raises banknote as new battling Bonanza expands into designer handbags

There's been some absorbing developments in Seattle's online backpack bartering sector. Yep, that's right. For whatever reason, Seattle has several upstarts aggravating to accomplish it easier for women to buy, hire or advertise handbags. The latest aspirant is Bonanza, which today appear a specialty abundance with added than 20,000 handbags from top brands such as Chanel, Marc Jacobs and Balenciaga.

The account comes as Avelle -- aforetime accepted as Bag Borrow or Steal and one of the aboriginal entrants in the online backpack bartering amplitude -- aloft new cash. According to a SEC filing, Avelle aloft $1 actor debt costs from absolute investors. Avelle CEO Mike Smith accepted the new funding, abacus that the aggregation is "focused on evaluating our cardinal options."

That could cover adopting accession round, gluttonous a client or growing the business organically, Smith said.Bonanza -- which afflicted its name from Bonanzle and purchased Seattle startup 1000 Markets endure month-- appears to be demography absolute aim at its crosstown rival. Dubbed Accoutrements Bonanza, the new website is the company's attack to abridged some of the $5 billion common backpack market.

The aggregation aloft a $15 actor annular in 2007 from Madrona Venture Group, Steelpoint Capital, Kuwait Holding Co., Hilltop Investments and others. That brought absolute allotment at the time to $27 million."We intend to body Accoutrements Bonanza into a destination that combines the greatest across of handbags online, with the absorption to detail that backpack buyers crave," Harding said.

"There are so abounding fakes and knock-offs out there," said Smith, abacus that he wasn't abiding whether the Bonanza abstraction would address to high-end shoppers. He added that Avelle rejects a allotment of handbags because they can't accredit whether they are real. That array of superior ascendancy can be costly, but it strengthens the company's access with the high-end designers, Smith said.

Bonanza aloft $1 actor in April from Matrix Partners, Ignition Partners, Voyager Capital, Founder's Co-op, Curious Office Partners and arresting Seattle angels such as Ben Elowitz of Wetpaint and Andy Liu of BuddyTV.

Bonanza CEO Bill Harding said that no bright baton has emerged in the category, with some sites alms few choices and others defective best chump service.Avelle's Smith said he was acquainted of Accoutrements Bonanza, acquainted that the aggregation is starting out with a lot of inventory. However, he said one of the challenges operating a exchange for artist handbags is authoritative abiding that the accoutrements are authentic.

In accession to alms backpack rentals, Avelle aswell launched a new business of affairs and affairs accurate artist goods. That business has taken off which has led to centralized discussions about Avelle's next steps, Smith said.

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