Self-described, “marriage between Instagram and Craigslist,” platform Tise has raised $11 million in order to shore up its market position in the Nordics, while at the same time eyeing expansion into Germany, France, and the UK. The platform targets Gen Z and Millennial consumer groups and is focused on sustainability via the buying and selling of pre-loved items. Including this round, Tise has raised a total of $25 million to date.
Founded in 2014 and launched in 2016, Tise (as in advertise) is hoping to put a dent in the wasteful practices of the fast fashion industry by giving users a sustainability-focused platform to reframe their spending habits via its second-hand marketplace. In the past 5 years, the platform has attracted over 2 million users, listing over 7 million items.
In order to incentivise community growth and platform usage, Tise offers an in-app currency which users can earn each time they post an item to resell, buy an item, follow a fellow Tiser, gain a follower, receive ‘likes’ on their items, or by answering quizzes and voting on topics. “Tise Cash” can then be used to redeem partner deals including two free months of Viaplay (a Swedish Netflix alternative), or free trips with e-scooter company Voi.
“The fast fashion sector is one of the most polluting industries in the world, but recycling clothing, buying and selling items second-hand, and repurposing garments gives items a new lifecycle which helps to end the environmental damage,” commented co-founder Eirik Rime. “We want to promote, encourage, and incentivise sustainable practices, and our recent funding will enable us to reach new markets and consumers who share the same passion for the environment as we do.”
The $11 million funding round was led by Voi and BlaBlaCar backer VNV Global.
While Tise might be banking on the sustainability aspect, when new markets, they’re up against stiff competition from Vilnius-based Vinted, which raised €250 million just 2 months ago. And, let’s just address the elephant in the room: Etsy’s $1.62 billion purchase of Depop.