Flip's Twisted World

Hammoq Closes $24 Million Round; Tackles Exploding Retail Returns and Used Goods Market with AI Platform

Retrieved on: 
Tuesday, June 7, 2022
Time, San Francisco Bay, CXO, Artificial intelligence, Silicon, AI, Sierra Ventures, Sale, Machine learning, Flip's Twisted World, Technology, Compliance, Stock, Industry, Software as a service, Bloomberg Businessweek, Recommerce, Automation, Online shopping, Video game

PHOENIX, June 7, 2022 /PRNewswire/ -- Hammoq Inc., the company powering reCommerce sellers with artificial intelligence (AI) to run their business on autopilot, today announced that it has secured $24 million in equity plus debt financing. This latest financing round was led by Sierra Ventures, with participation from the company's pre-seed lead investor Origin Ventures and brings its total financing to date to $27 million.

Key Points: 
  • A glut of online retail returns and a flourishing market for sustainable fashion upcycling and vintage items has created an exploding reCommerce industry.
  • "The reCommerce market is exploding, with the fashion resale market alone expected to reach $26 billion in 2022," said Sid Lunawat, CEOand Co-Founder of Hammoq.
  • Hammoq, the company that is reimagining reCommerce, digitizes resale goods and automates online listings so customers can list and sell more.
  • For resellers, liquidators, thrift and retail organizations, Hammoq enables the resale of returns, lost SKUs, overstocks and other pre-loved goods.