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# South Korean Fashion Reseller Kream Secures $168M in Series C
- URL: https://www.techloy.com/kream-168-million-series-c-funding/
- Published: 2023-03-27T17:05:32.000Z
- Updated: 2023-03-27T17:05:32.000Z
- Author: Emmanuel Oyedeji
- Tags: Tech in South Africa, Fashion Tech

[Kream](https://kream.co.kr/), a South Korean platform that enables individuals to buy, sell, and trade luxury goods, has raised $168 million (220.6 billion won) in a Series C funding round.

Kream, which was spun off from Snow, a camera app-focused branch of Naver, in January 2021, wants to position itself in the rapidly growing market estimated to be worth $30 billion in 2020 and is projected to grow at 10% to 15% every year for the next decade, per a recent [report](https://www.mckinsey.com/industries/retail/our-insights/welcome-to-luxury-fashion-resale-discerning-customers-beckon-to-brands) by *McKinsey*.

The company claims to have 5.3 million monthly active users, up almost 2.5 times from the 2.2 million MAUs in October 2021\. The platform's gross merchandise volume (GMV) increased 270% and 190% in Q3 and Q4, respectively, in 2022, year-over-year. There are currently over 290,000 items listed on Kream.

Kream says it will use the Series C funds to make more investments, mainly in Asia, which aligns with the company's long-term objective of strategically connecting Asia-based reselling platforms.

The funding round was led by Altos Ventures, a returning investor, and featured participation from Naver, SoftBank Ventures Asia, Mirae Asset Capital, Samsung Securities, and Axiom Asia. 

The company has now raised a total of over $266 million with the latest round of funding valuing the platform at about $742 million, over twice its previous valuation of $306 million in October 2021.