Estonian marketplace for buying and selling used clothes Upty became bankrupt

Estonian marketplace for buying and selling used clothes Upty became bankrupt. According to the bankruptcy trustee Andrias Palmits, the only property is the remains of second-hand clothing. The company has debts of more than €600K and tax arrears of more than €35K.

Founded by Dmitry Nogin, Valentin Savchenko, and Sergei Brek in 2020, Upty offered users to sell clothes, shoes, bags, and other consumer goods they no longer need and buy the used goods at a reduced price on the platform. Upty operated based on the C2BC model. The customers sent their stuff to Upty where it passed quality control, was measured, photographed, and priced. After that, the startup's team posted the products on the platform, where other customers could buy them. The initial seller received a share of the income from the items sold. The startup operated in Estonia, Latvia, Lithuania, and Finland.

In 2022, Upty secured €650K in its first investment round. After raising the investment, Upty acquired a Finnish platform for selling and buying used clothes Rekki. 

Upty aimed to secure €4,2M in total, but according to Sergei Brek, they could not raise more money last year.