Renoon, an Amsterdam-based sustainable fashion platform, announced that it is now backed by 500 Global. According to WWD, Renoon has raised $1M in funding from various investors including 500 Global (invested $150K), former Gucci chief innovation officer, and a former managing director at Spotify.
500 Global: What do you need to know
Based out of San Francisco, 500 Global (previously 500 Startups) is a venture capital firm that is on a mission to discover and back the world’s most talented entrepreneurs.
In September, the company rebranded itself as 500 Global from 500 Startups, as it expanded its investment strategy beyond the accelerator and seed stage. The company also raised $140M (approx €120.8M) global flagship fund, the firm’s largest fund to date, bringing assets under management (AUM) to $1.8B (approx €1.5B).
Since its inception, 500 Global has invested in over 2,300 companies via its 5 global funds and 15 thematic funds dedicated to either specific geographic markets or verticals. Its 100+ team members are located in 20 countries around the world to support the 500 Global portfolio of investments which spans more than 75 countries.
Fragmented sustainable fashion shopping experience
According to the survey conducted by Adidas, 70 per cent of its consumers prefer to buy sustainable products, while younger generations are shaping up to have a strong appetite for sustainable brands.
A lot of fashion companies are emphasising sustainability right, left, and centre, but the online sustainable fashion shopping experience overall is still fragmented. Moreover, shopping for sustainable fashion is still harder than it should be.
Meet Renoon
And that’s what the Dutch company aims to do. Founded by Gabriele Trapani, Iris Skrami, Nicolò Tresoldi, and Piero Puttini in 2020, Renoon is the search platform that empowers shoppers to easily find sustainable options for what they want to wear.
Renoon, through its app, aggregates products directly from multiple websites simultaneously, allowing shoppers to save time and easily find products that are second-hand, ethically sourced, or women-owned, among a dozen other filters.
1M products in 200 brands
The company has curated more than 1M products from over 200 partner brands on its platform like Stella McCartney, Vestiaire Collective, and LUISAVIAROMA Sustainable.
Additionally, Renoon is the first search platform in Europe that also offers the possibility of renting, as a new way to access fashion sustainably for occasion-wear.
In an interview with WWD, Skrami says, Renoon monthly processes more than 1M products, and only 1 per cent get the green light to be featured on the platform. Currently, the platform attracts 2,500 returning visitors, but that is expected to grow to 60,000 by the end of next year.
Skrami highlighted that the platform is mainly appreciated by “pragmatic women,” aged between 25 and 35, who “are trying to concretely change their behaviours when it comes to consumption.”
Currently, Renoon is focused on building a loyal user base and preparing for global expansion in key European markets and the US.
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