via Gigaom

TechCrunch reported Wednesday that closet-swap platform Bib + Tuck, which launched in November 2012, officially netted $600,000 via billionaire fashion magnate J. Christopher Burch and a group of other angel investors in a seed round.

The premise of the so-called “recommerce” outlet is fairly simple: Users turn in their gently worn (perhaps even designer) duds for virtual currency, which then can be spent on anything in the store. If a coveted piece is just out of reach, the store also allows users to buy those in-store “bucks” to close the gap and make the purchase. The company relies heavily on the participation of those with high-end closets to maintain a steady flow of barter-worthy items, but it’s not the first to make a go of the strategy (and turn a profit).