Twice, one of Inc. Magazine's 30 under 30 companies this year, allows sellers to ship a box of clean used clothes to the company. Twice offers a single price for the entire contents of the box and if the sellers accepts, the company uses its house-built software program Vulcan to price the items and upload listings to Twice's website.
The San Francisco-based startup, founded in 2012, was valued at $23.1 million as of April and had 48 employees at that time, according to Inc.'s 30 Under 30 profile of the company.
EBay intends to incorporate the technology behind Vulcan into the larger company's own assisted-selling service, Valet, according to a representative of eBay. The company intends to hire roughly 10 of the company's employees, including members of the startup's technical team and Twice co-founders Noah Ready-Campbell and Calvin Young, for the company's seller experience team, the representative confirmed.
The Twice website will shut down later this month, according to eBay.
Ready-Campbell in a statement said he was "thrilled to join eBay to help bring our vision to an even larger audience."
He described eBay's newly appointed President and CEO Devin Wenig's vision for the role of assisted selling at eBay as "exhilarating."
EBay's vice president of seller experience, Jordan Sweetnam, said in a statement that the acquisition would serve eBay in its efforts to "unlock the value" of the "billions of dollars worth of unwanted and unused items in people's possession."
Wenig wrote in an eBay's press blog post Monday, apparently referencing the split with PayPal, that eBay brings "unique inventory across a great spectrum of value to engage new and existing buyers" and is "laser focused on attracting sellers who will bring this inventory to our site."
Details of the deal with Twice, such as the price of acquisition, will not be disclosed, an eBay representative said, noting that eBay is not acquiring some assets of Twice, such as warehouses.
In a way, the acquisition brings things full circle for 20-somethings Young and Ready Campbell. Young told Inc. earlier this year that he and his cofounder were accustomed to buying and selling things on eBay before founding their company.
Secondhand clothing has played a relatively significant role for both founders, according to Inc.'s 30 Under 30 profile of the company. Both attended boarding schools on scholarship and had to rely on secondhand shops to purchase clothes that fit their schools' dress codes.
"I remember I really liked Brooks Brothers shirts," Twice CEO Ready-Campbell told Inc. "I got one that had a $250 price tag on it for $10."