SELLIT9, a Toronto-based recommerce platform enabling consumers to unlock liquidity from unused household items, has raised $4.1m CAD ($3m USD) in a new funding round to drive expansion across Canada and the United States.
The round was led by the Business Development Bank of Canada’s (BDC) Seed Venture Fund, with participation from MaRS Investment Accelerator Fund (IAF), AQC Capital and Anges Québec.
The capital will be used to scale SELLIT9’s platform, bring on additional retail partners, and prepare for broader entry into the US market. The company also plans to expand its engineering team in Toronto and extend its real-time pricing capabilities.
SELLIT9 operates a trade-in platform that begins with electronics, before broadening into other household goods. Consumers can quickly exchange unused items for liquidity, while retail partners benefit from improved customer retention, increased sales driven by trade-in incentives, and support for their sustainability commitments, all without needing to manage the traded stock themselves.
Since launching, the platform has processed more than 6,000 trades worth over $2.4m, supported by a network of more than 100 refurbishers and 25 merchants. The company states the model has already kept a significant volume of electronic waste out of landfills.
The funding arrives against a backdrop of mounting economic and environmental pressures. According to the UN Global E-waste Monitor, 62 million tonnes of e-waste were generated in 2022, up 82% since 2010, with projections pointing to 82 million tonnes by 2030.
SELLIT9 co-founder and CEO Josh Guttman said, “Consumers sit on billions of dollars of untapped value sitting idle in their homes, while household debt and the cost of goods are at record highs. This funding allows us to scale our platform, partner with more retailers, and make the circular economy the default choice for consumers looking to unlock fast liquidity while reducing e-waste.”
SELLIT9 co-founder and CTO Oswaldo Alvarez said, “The hard part of this business is making an accurate trade-in feel instant, and building it so the same engine works for any product, not just one category.
“We started with electronics because that’s where the value and the waste are most concentrated, but the platform is built for used goods of all kinds. This funding lets us price more items in real time, grow our engineering team in Toronto, and scale for the U.S. market.”
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