Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Twice plans to hire engineers, designers and other employers.
Twice, which runs an e-commerce site for used clothes, has raised $4 million in a Series A funding round. The company says it will use the capital to hire engineers, designers and other employees.
Twice, founded in 2011, operates liketwice.com. Twice focuses on women’s clothes and buys used apparel from consumers, and then sells dresses, skirts, pants and other clothing on the site.
The funding round was led by IA Ventures and included Felicis Ventures, Lerer Ventures, SV Angel, CrunchFund and High Line Venture Partners, among others. IA Ventures founder and managing partner Roger Ehrenberg joins the Twice board of directors. Twice says it has raised a total of $4.6 million.
"These are some of the best investors in the world, and also people we've wanted to work with for years," said Noah Ready-Campbell, Twice co-founder and CEO. "Secondhand clothing is a multibillion-dollar market, and we feel extremely fortunate to be able to work with IA's Roger Ehrenberg and the rest of our syndicate to tackle this opportunity."
Twice is based in San Francisco.