I am happy to announce that Portero has raised $6.6 million in funding. The round was led by LFE Capital joined by returning backers including Grosvenor Funds. TechCrunch picked up the announcement early this morning and featured us on their home page. As I have a bit of an insiders view, I felt it was my place to provide a bit of insight into why Portero is such a great company.
Portero is the Leading Authentic Luxury Marketplace providing a trusted place for consumers to find and buy luxury items. Portero accomplishes this by operating a fast growth market platform that facilitates sales of luxury items by offering individuals, dealers, vendors and brands a unified selling platform that maintains brand and item integrity and the assurance of authenticity. Items on Portero.com include pre-owned (often in original packaging) and vintage. All are certified and guaranteed authentic with a focus on watches, accessories, handbags, jewelry and art.
- Assurance that all items are authentic in a world of fraud, counterfeit or fake, trust, credibility is important.
- Consolidating a disparate market into one place to easily explore a wide set of goods.
- Providing a place where one can sell goods in a environment that holds the integrity (value) of the branded luxury item. Consumers, vendors and brands.
Want Designer Goods Below Retail Price? NBC - November 20, 2008
Luxury Institute’s Wealth and Luxury Trends — 2009 and Beyond Market Watch - October 28, 2008
“the traditional luxury industry has been slow to adopt Web 2.0…Meanwhile, innovators such as…, Portero, are gaining traction …by aggregating categories of bespoke luxury designers and producers in one-stop-shop destinations.”
Cash Is the New Black Newsweek, Jessica Ramirez - October 24, 2008
“It’s [shopping on Portero] so much more advantageous than going into a retail boutique when you consider the caliber of what you’re getting [bought a Cartier watch for $9.135, retail price is $23,000], it’s a no-brainer.”
Discount Luxury for Sale as Recession Looms BusinessWeek, Jane Porter - October 23, 2008
“(people) are auctioning off their bling on sites like Portero.com. In the last three months, Portero, which guarantees the items aren’t knockoffs, has been inundated with Tourneau watches, Hermès handbags, and stacks of gold jewelry.”
Verdict Against eBay in Counterfeit Suit Leaves Consumers Reeling Portero.com PRNewswire - June 5, 2008
“Milton Pedraza of the Luxury Institute stated, “Portero’s authentication model is a necessity in order to protect both consumers and manufacturers from being victimized by counterfeit merchandise.””
- Portero Raises $6.6 Million Round For Online Luxury Goods Marketplace (techcrunch.com)
- Recession Hits Luxury Market Where It Hurts: In The ‘Luxury’ Part (jossip.com)
- eBay Sales Figures Decline (lockergnome.com)