J. Christopher Burch and a cadre of angel investors have just invested $600,000 of seed funding into ‘re-commerce’ site Bib + Tuck, according to TechCrunch.
Co-founders Sari Azout and Sari Bibliowicz are recent Brown University and New York University graduates, respectively, whose early version of Bib+Tuck was spotlighted by Vogue in 2011. The present iteration launched in November of last year, and Azout describes it as “shopping without spending.” This means selling items on the site in exchange for virtual ‘bucks’ — the ‘Bib’ — which can then be used to buy items, the ‘Tuck.’
Bib+Tuck sells virtuals ‘bucks’ to members at a standard exchange rate of $1 for 1 buck. The company also incorporates commentary and clothing from fashion tastemakers, editors and bloggers. Current inventory is a mix of 40% designer labels, 20% ‘vintage’ and 40% small-scale producers.
With over 12,000 members and 3,000 transactions since November, Bib+Tuck is just as committed to the ‘gamification’ of shopping as to the media and general tastemaking. To this end, they may one-up other fashion-tech companies which seek to become next-generation ‘Vogue plus eBays:’ Vaunte, which raised $1.12 million in May, and The RealReal, which raised a $14 million Series B round in April.