Estonian resale platform UPTY closes pre-seed investment round

YarnsandFibers News Bureau 2022-03-08 10:43:37 – Estonia

Secondhand fashion platform, UPTY, announced that it has completed its pre-seed funding round and has raised €650,000 (US$705,000) and has started a new round of investment as it targets a total of €3 million (US$3.2m) goal, to help the firm expand abroad and deliver UPTY's great offering to the rest of the world.

UPTY is an Estonian-based marketplace that sells gently used clothing, handbags, and shoes. The platform has evolved and expanded with sustainability at its core since its inception.

The mission of UPTY is not only to help rescue the planet but also to help conserve another important resource: time. 

Co-founder Valentin Savchenko, said that time of a person who looks into a cluttered closet and wants to clear it securely for the sake of the earth and his or her own life. Let's give them this chance. Together, we're better! UPTY was created with the goal of giving its vendors as much free time as possible.

The textile business is now the world's second-most polluting industry, trailing only the oil industry. Using the three R's as a guide: Reduce, Reuse and Recycle, UPTY hopes to make a substantial contribution to reducing this problem.

UPTY operates in Estonia, Latvia, Lithuania, and Finland at the moment. UPTY began entering the German market this year and has plans to expand in France, Italy, Spain, Poland, the Czech Republic, the Netherlands, Sweden, and Norway in 2022-2023.

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