Today UK fashion resale peer-to-peer startup NOLD has successfully raised €1 million in Seed funding.
The funding is led by Tilia Impact Ventures and supported by a consortium of venture capital and strategic investors, including Depo Ventures, Czech Founders, Sofia Angels Ventures, New Vision 3 and four angel investors.
NOLD contributes to a fashion circular economy, helping sustainable, premium luxury brands generate additional revenue streams by monetising the second-hand market.
Using its platform, brands only need to supply their product database and, in return, capture either 10 percent of the resale value in net profit or 90 percent in revenue, depending on what payout alternative the seller chooses.
NOLD's resale model significantly reduces the environmental footprint, with a displacement rate of 65 percent, conserving vast amounts of water and reducing CO2eq emissions.
NOLD’s platform is scheduled for launch in Q1 2024, primarily focusing on the UK market.
Lead image: NOLD.