The ecommerce platform that gives circular solutions to apparel and textile brands has announced a 5.5 million series A financing round to expand into Europe and boost US operations.
The Renewal Workshop to expand though financing. The ecommerce platform that gives circular solutions to apparel and textile brands has announced today a 5.5 million series A financing round to expand into Europe and boost US operations.
The round is led by European venture capital and impact investors Social Impact Ventures, Shift Invest and Quadia with participation from existing US investors Closed Loop Ventures, Gratitude Railroad, Portland Seed Fund and High Meadows Investment Group, stated the company.
“The Renewal Workshop has proven their circular model for renewal and re-commerce can not only drive sales and customer engagement for brands but also have significant environmental impact,” stated Eske Scavenius, senior investment manager of Social Impact Ventures.
The company, that focuses on recovering value from “unsellable” inventory, stated that the future is bright with circularity processes as well as for re-commerce, or brands sold in third-party websites.
The company, founded in 2016 by Nicole Bassett and Jeff Denby, said their decision to expand to Europe was based on demand. Operations for the European market will be led by Denby from offices in Amsterdam and US operations will continue to be led by Bassett.