100m loopster belgie8/10/2023 "They’re helping clothes have an extra lease of life instead of ending up in landfill, which will have a positive environmental impact. Technology investment executive Alex Leigh who led the deal on behalf of Development Bank of Wales said: “Loopster has a really scalable hardware-software solution that addresses an important need within the babywear and children’s fashion sector. Their equity finance is helping us grow our team and our platform further. We really hope as we enter the new normal, that one silver-lining will be creating a more sustainable future.” “With the Welsh Government leading the charge to tackle the climate crisis we are thrilled to have the support of the Development Bank of Wales as our lead investor. We’ve already seen a 50% increase in sales this financial year as consumers seek out more environmentally conscious fashion options. Parents are paid for items which make the grade which are then sold on at a fraction of new high street prices.Ĭlothes which do not pass the hand-check are returned to the seller, or if they agree, donated to the charity Traid.įollowing the success of their children’s clothing service Loopster are now scaling up to include womenswear on its platform.Ĭhief executive of Loopster Jane Fellner with her sonįounder and CEO Jane Fellner said: “People are starting to be more conscious of the importance of sustainable clothing. South Wales' world leading compound semiconductor cluster in £44m funding boost.Development Bank of Wales reports record investment numbers.Loopster then hand-checks every donated item to ensure they of good quality. To sell to Loopster, customers order the Loopy Clear Out Bag and fill it up with unwanted clothes. The Newport-based company will also use the funding to recruit six members of staff, a process that is under way.Įxtending the life of one garment through second-hand use by just nine months reduces its carbon and water footprint by 20 to 30%. The funding will help Loopster to further develop and commercialise its technology, enabling its platform to catalogue second-hand clothes faster. Investing alongside the Development Bank as the led investor, is business angel Jim Lewcock, who owns the internet-focused digital marketing and investment firm, Blue14, and experienced non-executive director and angel investor Kate Methuen-Ley. Development Bank of Wales appoints entrepreneurs to its boardĪ recent survey by the Royal Society for the encouragement of Arts, Manufactures and Commerce found during the coronavirus crisis 50% of consumers believed the fashion industry should do whatever it takes to become more environmentally sustainable.Įxtending the life of one garment through second-hand use by just nine months reduces its carbon and water footprint by 20 to 30% which is where Loopster comes in.Loopster, the online platform for consumers to sell and buy second hand clothing, has secured a six-figure seed equity funding boost to support its expansion plans.The latest business deals in Wales from fundraising to MBOs. We have developed a brand credit system which allows brands to offer their customers the option to sell their unwanted clothes to Loopster in return for brand credit.” Read More Related Articles "We aim to be that sustainable partner of choice for major brands. We know that 62% of consumers would buy more from fashion brands that partner with second-hand platforms. “Retailers are being held increasingly accountable by both consumers and investors, to deliver on their sustainability promises.
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