Fashion rental marketplace HURR stitches up $5.4 million – Tech.eu

London fashion rental market HURR raised $ 5.4 million in an initial funding round. Taking the fashion industry into consideration, HURR offers savvy consumers a circular economy approach, providing peer-to-peer fashion rentals, direct partnerships with over 85 fashion partners, and a recently adopted white label service. from leading Selfridges retailers. Initial funding is expected to thread the needle on further proprietary technology advancements, expansion of its white label partners, and community development.

With the UK receiving the dubious honor of being the fourth largest producer of textile waste in Europe, it goes without saying that the status quo has no chance of a sustainable future. Of the 15 European countries surveyed, nearly a quarter (24.3%) of all textile waste is incinerated in a CO²-intensive process and more than half (57.1%) of fashion waste ends up in landfills.

HURR founder Victoria Prew recognized the need for an alternative path. “I am absolutely convinced that the future of fashion is circular and we are proud to be at the forefront of this rapid consumer change. In the UK alone, customers spend £ 2.7 billion on clothes they wear once, while more than $ 400 billion is discarded every year around the world – another shocking statistic, “he explains.” As a millennial. , I’m part of a generation that loves shared ownership. We’ve all seen the rise of disruptive tech businesses like Airbnb and Uber and if we can rent our homes and cars, why not our wardrobes? “

HURR’s $ 5.4 million seed funding round was led by circular economy specialist Octopus Ventures, former supporters of peer-to-peer reselling platform Depop (acquired by Etsy for $ 1.6 billion) and saw the participation of D4 Ventures and Ascension, among other undisclosed investors.

“HURR is perfectly placed to capitalize on the shift to new proprietary models and lead the transition to a more climate-friendly fashion industry. By managing the critical logistics functions required for rental, it is able to provide a complete rental solution to existing brands, which in turn powers the HURR platform with amazing breadth and depth of delivery, “commented Matt Chandler of Octopus. Ventures. “We see a tremendous opportunity to scale and are excited to leverage our experience working with Depop as we partner with Victoria and her team.”

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