Grailed’s inventory is vast compared to other players, with three million listings from over 10,000 brands. Goat has 2 million listings by comparison, despite its much bigger user base. “When you talk about cutting edge, like Rick Owens or Dries or Marni, Grailed is really the only place that has that kind of inventory besides the retail boutiques themselves,” says Gupta.

Authentication is a big challenge for resale platforms as they scale. Grailed decided to raise Series B when it did because after two years of development it’s figured out its authentication process and is ready to scale it, Gupta says. Grailed completes this process digitally using a network of over 100 moderators who receive photographs of the item and approve it for listing. Other companies like Goat and StockX authenticate products in person. “If you’re a new seller and want to sell a $500 Supreme t-shirt, you go through three independent moderators…

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