Portero Inc., a New York-based online market platform for authentic branded luxury goods, has raised $6.6 million in new VC funding. LFE Capital led the round, and was joined by return backers like The Grosvenor Funds.
Portero, Inc., the leading online market platform for authentic branded luxury goods, announced today that it closed $6.6 million in venture capital funding. The funding round was led by LFE Capital, based in Minneapolis, with the participation of existing Portero shareholders, including The Grosvenor Fund.
“Portero has experienced tremendous year-over-year revenue growth in the midst of a challenging economic environment. This capital will allow us to enhance our customer shopping experience and to expand the selection of authenticated luxury branded items featured on the site,” said Bob Schwartz, Chief Executive Officer of Portero, Inc.
Leslie Frécon, who is Chief Executive Officer of LFE Capital and recently joined Portero’s board of directors, commented: “LFE is excited about the Company’s growth potential. Portero is uniquely positioned for substantial growth, both in the current economy and well into the future. It provides consumers a fantastic resource for the purchase and sale of vintage and pre-owned authentic branded luxury goods in an online marketplace that is rife with counterfeits. The Company’s business model is a strong competitive advantage that will enable Portero to expand its operations with exceptional economies of scale.”
Portero.com is the leading authentic luxury marketplace providing a trusted place for consumers to find and buy new and vintage luxury items. Portero provides certified dealers, vendors and brands a unified selling platform that maintains brand and item integrity and the assurance of authenticity. Portero.com offers pre-owned (often in original packaging), vintage and new goods, with a focus on watches, handbags, accessories and jewelry, all certified authentic. Portero’s industry expertise, combined with an innovative technology platform that will be launched in the next few months, will position the Company to deliver a more compelling luxury shopping experience far beyond the site’s current auction platform capabilities. New features will include fixed price offerings, private member sales, brand event merchandising and product-of-the-day offerings.
“Portero customers understand that luxury items have lasting asset value. We have seen extraordinarily high repeat buyer rates, testimony to the power of our value proposition,” said Mr. Schwartz. “The key factor to our success is assuring that the value priced goods our consumers purchase are genuine, because as you can imagine in today’s economy, consumers are seeing many more websites that are selling counterfeit labeled goods.”
Portero.com is the leading online marketplace for branded and authenticated luxury goods from more than 180 top luxury brands. Since its inception in 2004, Portero has catered to consumers seeking the finest in luxury new, pre-owned, vintage and collectible products by offering unprecedented access to authenticated luxury goods at the most competitive prices available. In addition, Portero.com provides consumers with a constantly changing selection of curated brands and merchandise, and dedicated specialists to assist customers with their every need. Portero.com ensures a secure purchasing experience for consumers and guarantees customer satisfaction.