[Stiri IT] Hammoq Closes $24 Million Round to Build AI Platform to Tackle Used Goods Market

[REFLX]

Hammoq Inc. a company that powers reCommerce sellers with artificial intelligence (AI) to run their business has announced that it has secured $24 million in equity plus debt financing. The startup has already automated more than a half million resale product listings across a broad network of eCommerce marketplaces using artificial intelligence and machine learning.
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. Hammoq startup has Automated More than a Half Million Resale Product Listings Across a Broad Network of eCommerce Marketplaces Using Artificial Intelligence and Machine Learning

A glut of online retail returns and a flourishing market for sustainable fashion upcycling and vintage items has created an exploding reCommerce industry. With this financing round, Hammoq will accelerate development of its AI and machine learning platform to automate marketplace listings and open up channels for reseller financing as well as product sourcing.

“The reCommerce market is exploding, with the fashion resale market alone expected to reach $26 billion in 2022,” said Sid Lunawat, CEO and Co-Founder of Hammoq. “There are an abundance of resale marketplaces supporting this economy. Yet, the largest gap is in the labor required to identify product value and push it to the marketplaces. With rising labor costs, the need for automation in the reCommerce industry continues to grow. Using AI and machine learning, Hammoq has put a major dent in this labor gap, empowering its customers to automate the identification and listing process. Our latest funding will accelerate tech development while supporting our sales and marketing strategies to capitalize on this rising opportunity.”

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