NEWOFF, a Korean startup offering a secondhand clothing buyback service, has secured seed funding from FuturePlay. The company provides a swift service where customers can leave unwanted branded clothing at their doorstep for free pickup, followed by individual item inspections and cash settlements within three days. Recently, NEWOFF launched a secondhand clothing buyback app and is rapidly expanding its service nationwide.

NEWOFF addresses the limitations of the traditional secondhand fashion market, such as the hassle of peer-to-peer transactions and the challenges of used clothing collection. By diversifying sales channels through its own online store, open markets like SmartStore, and offline secondhand clothing flea markets, NEWOFF reduces uncertainties in sales and enables cash conversion without direct buyer-seller connections.

Using a proprietary pricing algorithm and data from inspecting over 100,000 garments, NEWOFF accurately evaluates each item’s value to offer fair buyback prices, providing a more reliable alternative to uncertain secondhand transactions.

Ohhyung Kwon, CEO of FuturePlay, which led the investment, stated, “While the secondhand clothing market continues to grow, users still face significant inconveniences. NEWOFF’s founding team, with firsthand market experience, has structurally designed a solution from buyback to settlement and distribution. We expect them to create a trusted option in the reuse market.”

Hyojun Yoon, CEO of NEWOFF, said, “Our goal is to create a circular system where anyone can easily sell and buy unused clothing through NEWOFF, especially in the complex apparel sector. With this investment, we plan to enhance inspection capabilities, expand buyback centers, and launch a dedicated secondhand clothing e-commerce app within the year.”