eBay expands Circular Fashion Fund to deliver $1.2m investment for start-ups
Now in its third year in the UK and second year in Australia, eBay’s Circular Fashion Fund is set to launch in the US and Germany – with the aim to deliver a $1.2 million investment in business start-ups to scale circular fashion solutions by the end of 2025.
Uniting the collective power of big businesses, industry leaders and innovative entrepreneurs, the fund aims to put a dent in the issue of 92 million tonnes of clothing ending up in landfill each year.
A new initiative from eBay Ventures will crown one ‘Circular Fashion Innovator of the Year’ – with a $300,000 investment. Finalists will also receive over 200 hours of mentoring and networking support from industry experts.
Forging strategic partnerships with the British Fashion Council (BFC), Council of Fashion Designers of America, Fashion Council Germany and the Australian Fashion Council, the Circular Fashion Fund (CFF) has extended its reach across the world.
The fund is designed to help fashion start-ups be more effective in their circular fashion efforts – “from production to end of life” – including rental and repair services.
Since it launched in the UK in 2022, the CFF has helped 15 businesses scale their circular solutions, including The Seam, which allows businesses to offer garment care and repair services at scale to extend the life of clothes, and RCYCL, creators of the innovative “at home fashion recycling programme for unwearable clothing”.
Kirsty Keoghan, Global GM of Fashion at eBay, said: “The Circular Fashion Fund is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups.
“We’re not only helping to scale circular solutions, but also bringing together the most knowledgeable and respected experts in the industry. Together, we’re making a positive impact on the circular economy and truly reshaping the future of fashion.”
Applications are open from now until 15 November 2024, and innovative tech start-ups and small businesses can apply via eBay’s website.
In the UK, supported by the BFC, the winner will receive a £50,000 cash prize. Additionally, two runners-up will receive £25,000 each. All three finalists will receive bespoke mentoring sessions, educational workshops and networking opportunities.
The winners will be chosen by a judging panel of industry experts across fashion and sustainability. As well as Kirsty Keoghan, the panel includes Jemma Tadd, eBay Head of UK Fashion, Caroline Rush, CEO of the BFC, Jane Shepherdson, Chairperson at My Wardrobe HQ, sustainable fashion designer Patrick McDowell, Charlotte Mair, Founder and MD of The Fitting Room, Joe Metcalfe Founder of Thrift+, and Emily Chan, Senior Sustainability and Features Editor at British Vogue.
Caroline Rush said: “Building on the success of the past two years, we remain focused on boosting excellence and innovation in the British fashion community. Small businesses are integral to building an ecosystem that can create specialised solutions, and we want to help them scale.
“The Circular Fashion Fund has been a game changer and we are thrilled to support the new ideas and entrepreneurial spirit from this next cohort. Together, we’re making the fashion industry more sustainable, one step at a time.”
Previous winners include Swoperz, which hosts a child run swapping service for clothing, and Dempstah, a design practice that recycles Australian textile waste into spun yarn in collaboration with a network of international and local textile mills.
