Home Technology Belfast tech firm secures £4.3million funding to spice up sustainable style

Belfast tech firm secures £4.3million funding to spice up sustainable style

Belfast tech company secures £4.3million investment to boost sustainable fashion

A Belfast tech firm has raised US$6.6m (£4.3m) in seed funding to develop its sustainable fashion-focused enterprise.

RESPONSIBLE was backed by a bunch of buyers below Barclays Sustainable Influence Capital, which incorporates Techstart Ventures, in addition to InPost founder Rafal Brozoska and Nextdoor CEO Sarah Friar, who hails from Sion Mills.

The corporate has developed a know-how referred to as Purchase Again that targets style retailers and lets consumers know the residual worth of the merchandise they wish to purchase, encouraging reuse.

The client is free to put on the garment and return the product at any time sooner or later for credit score on the repurchase value acknowledged on the time of buy.

The corporate was based by Mark Dowds, the Northern Irish entrepreneur who beforehand based Trov, the world’s first on-demand insurance coverage platform.

“The style trade makes billions of things every year and solely 5-7% of these clothes are offered a second time,” he stated. “We allow manufacturers not solely to take duty for the whole lot they produce, but in addition to learn financially from a extra round and sustainable enterprise mannequin.

“Knowledge sources like Black E-book and Glass’s Information have modified the automotive trade, we plan to do the identical in style.”

Sarah Friar stated sustainable style is a key difficulty for the long run.

“Investing locally means considering holistically about how our actions influence the neighborhood round us. For instance, most of us know that it is higher to purchase pre-owned garments than new ones. RESPONSIBLE now makes this extra handy and simpler. I’m delighted to see one other Northern Eire firm with a world answer to assist our planet.”

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