London startup founder secures £425k investment ahead of New Year

James Harford-Tyrer, the founder of London-based startup Cudoni, has secured a £425k investment which will be used to create seven new jobs and see the company expand across the country.

The luxury resale service re-launched in May last year and has seen a 10-fold growth in sales in the past six months, with this new investment agreed just ahead of the new year.

Backing Cudoni is Giles Brook, CEO of coconut water brand Vita Coco and Matt Cooper, founder of bank holding company Capital One and chairman of the global venture capital firm Octopus Investments, amongst others.

James explained: “This is a fantastic way to start 2018. Previously, our focus had remained predominantly on London, but with the help of this investment we will be able to expand the business nationwide, starting in my home town of Manchester, as well other major UK cities such as Cambridge, Oxford and Edinburgh.

“Giles and Matt have had a stake in Cudoni since the get-go, and I’m thrilled that they, along with our other investors, will be part of this continued journey.

He added: “To further improve the experience for new and existing customers, we plan to invest in our team and in new technologies.

“This includes recruiting seven new team members, adding adjacent services, such as launching buyer functionality to our platform, and reducing required item processing time and consumer input, to maximise ease of use.”

Cudoni focuses on reselling luxury items from a range of categories such as fashion, accessories and consumer electronics. The startup also offers a VIP service to customers, which includes valuations of their goods, pick-up and delivery, listings, professional photography and sales.

Giles Brook, CEO of Vita Coco, said: “I’m very selective in what and who I get involved with and my involvement in Cudoni stems from having originally met and been beyond impressed with James, the founder.

“Whether I connect with the founder is THE prerequisite for me when I look at getting involved in any business and whilst I instantly gained excitement about Cudoni and the pre-owned luxury goods market, particularly having seen some of the USA success stories in this space, the business opportunity had to be married with a founder who could realise that potential.

“I’m really excited about how disruptive James and Cudoni can be in this space, especially looking at the success already achieved in 2017.”

Matt Cooper, founder of Capital One and chairman of Octopus Investments, also commented: “James is a talented entrepreneur with a keen eye for business and a focus on providing customers with what they want.

“He’s managed to break into a tough market with very limited resources and has done so successfully. I’m confident that this investment will only further secure Cudoni’s place in the global resale market.”

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