Circular solutions platform Responsible, the inventors of the world's first embedded financial platform for the garment industry, announced that it has raised $6.6 million in a seed round of funding.
Responsible stated that the funds would be used to have a significant impact in the fashion sector, with the goal of expanding its footprint in Europe and expanding its network of brand collaborations.
The investment was led by Techstart Ventures and Barclays Sustainable Impact Capital and also included InPost founder Rafa Brzoska and Nextdoor CEO Sarah Friar.
Mark Dowds and Mitch Doust launched the company in 2021 with the goal of supporting re-Commerce to assist solve fashion's sustainability problem. Last year, the firm developed Responsible.US, a streetwear re-commerce platform, as well as a Buy Back technology solution, which it first debuted in collaboration with sustainable fashion brand RÆBURN.
According to the company, the Buy Back plug-in solution can be implemented into both e-commerce and physical stores, with Responsible also providing the infrastructure and operational competence to fashion brands.
Responsible has added accessories label côte&ciel and denim brands Kuyichi and Kings Of Indigo to its roster of partners, and currently sells some of their merchandise on its re-sale site, with more to come in the coming months.
Andy Challis, co-Head of Principal Investments, Barclays, said that innovation in the fashion sector is crucial in lowering global carbon emissions, and he is thrilled to assist Responsible as it continues to scale and address this challenge. Responsible.US has created an innovative model that allows the fashion business to be more circular.
Mark Dowds, Founder and CEO, Responsible, said that they’re helping brands to not only become accountable for everything they generate but also to financially profit from a more circular and sustainable business model. The automotive sector was altered by data sources like Black Book and Glass's Guide, and they want to do the same in fashion.
Christopher Raeburn, Creative Director, RÆBURN, said that they try to create engaging, long-lasting design solutions and meaningful relationships with people who share their desire to see the world changed for the better. With this in mind, they're thrilled to have formed a relationship with Responsible, who have the potential to be a fantastic change agent, and whose solution they believe will considerably extend the life of RÆBURN clothes.
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