DIEM, the UK fintech upstart that's focusing on the circular economy and building a 'Bank of Things', has raised $5.5 million in seed funding from Fasanara Capital, Outrun Ventures founder Chris Adelsbach, Andrea Molteni (an early investor in Farfetch.com), Ben Demiri and Nicholas Kirkwood.
DIEM is not be confused with Facebook's recently renamed crypto project, and in fact the UK company has threatened to sue the social media giant and its partners over the name.
No news on that front, but the mini-row hasn't stopped the company from securing funding, on which DIEM founder Geri Cupi comments: "DIEM makes it possible for capitalism and sustainability to co-exist. Our mission is to empower consumers to value, unlock, and enjoy wealth they never knew they had while fuelling the circular economy and more sustainable living. I am excited to create value for our future customers, which will be helped by the current funding round."
Using the DIEM app, clients can rapidly value and get credit for all kinds of lifestyle assets including clothes, accessories, electronics and books - think of it as consumers getting instant payments for deposing their stuff in a 'green' manner. One to watch.
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