UK-based social fashion rental platform, By Rotation, has raised £2.55 million ($3 million) in seed funding, in order to pursue and scale quick development.
By Rotation was founded by Eshita Kabra in October 2019 and has since grown to over 200,000 lenders and renters across the United Kingdom.
By Rotation is the United Kingdom's first and only peer-to-peer digital fashion rental app. The program allows users to calculate how much carbon they will save by renting clothes instead of purchasing the item.
According to By Rotation, the app has become a source of secondary income for many of its users, with some earning over £2,500 per month by lending out their wardrobes. Lender Activity, for example, was included to encourage more strategic buying habits by allowing customers to readily track which styles and brands are making the most revenue.
Redrice Ventures, Closed Loop Partners, True Global, Magnus Rausing, Bill Holroyd CBE, DL, June Angelides MBE, Dinika Mahtani (Principal at Cherry VC), and Riccardo Pozzoli are among the company's investors.
Tom March, the founder of Redrice Ventures, the lead investor and a backer of several consumer digital marketplaces, said that the P2P focus of By Rotation enables an obsessive devotion to support its community. Above all, a common desire for joy links this purpose-driven society - there is a dearth of hope out there, therefore it's up to the 'Rotators' to distribute the joy.
Investor June Angelides MBE adds that as an early user of By Rotation, he has seen firsthand how the By Rotation community has evolved and how the way they experience fashion has changed for the better. He enjoys hearing about the current fashion trends from other Rotators and showing you how he styled their items. Fashion's future is By Rotation, and it's truly round.
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