.ThredUp is buying its way to a bigger resale future in Europe.
The Oakland, Calif.-based company inked a deal to acquire Remix Global, which last year logged revenues of $33.9 million and gives the company an instant presence and base of operations on the other side of the Atlantic.
ThredUp went public in March on the Nasdaq exchange, where it now has a market capitalization of $2.6 billion, and is using its stock as a currency to help accelerate its global ambitions. James Reinhart, cofounder and CEO of ThredUp, said: “Lyubomir and his team have built a strong, lean, customer-first business, and they know how to deliver resale operationally across multiple markets in Europe. We’re bullish about the massive opportunity in the European resale market and are thrilled about the chance to build on Remix’s technology and operational expertise to help accelerate its growth.
Remix, like ThredUp, has built a “single-sku” logistics platform that can process millions of unique pieces and would help in grabbing a bigger piece of that expanding market.
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