Exclusive: Sellpy secures fresh funding as H&M doubles down on second-hand

The second-hand market has had a turbulent year but continues to grow, buoyed by rising consumer demand for circular shopping solutions and increasing pressure on brands to act sustainably.

Stockholm-based Sellpy has positioned itself as one of the Nordics' leading players in the space, offering a streamlined digital experience for selling used clothing and goods.

Now, Impact Loop can reveal that Sellpy has just raised an additional 65 million SEK (approximately €5.5 million).

After repeated attempts to get comment, Impact Loop received a short statement via email.

"This is a new share issue. The H&M Group is investing in Sellpy’s future growth," wrote press contact Andrea Maricic.

Sellpy's most recent financial report – integrated within H&M’s accounts since Q1 2023 – hasn't yet been published for 2024. When asked about the latest figures, the company declined to comment:

"As Sellpy is consolidated into H&M Group’s financials, we refrain from commenting on individual performance indicators such as revenue or profit," Maricic wrote.

The last available standalone report, from 2023, revealed that Sellpy had grown its revenue to roughly €104 million – a dramatic leap from just €60,000 in 2022. Still, the company reported an EBITDA loss of around €3.4 million for that year.

This new raise follows a €6.5 million round, reported by Impact Loop in April last year. H&M, which first invested in Sellpy back in 2015, remains the company’s majority shareholder and has participated in several follow-on rounds.

However, Sellpy hasn’t been without controversy. The company previously came under fire when Impact Loop revealed that the company is reselling garments from fast fashion brands like Shein – which has been widely criticised for its environmental practices – a move that raised eyebrows in sustainability circles.