[ad_1]
Relove, a leading technology platform that helps brands embrace circularity by deploying a resale programme and launching their own digital factory outlet – has secured US $ 700,000 in pre-seed funding.
The funding round is led by Hearth Ventures with participation from Blume Ventures and angel investors – Anita Dongre, Aakrit Vaish and Utsav Agarwal.
This investment is said to help Relove, founded in November 2021, scale its mission to enable circularity in fashion.
It’s worth noting here that Relove recently came up with its resale technology that helps brands acquire new customers and build deep customer loyalty. The digital factory outlets help them liquidate damaged inventory, while extending the life of garments and diverting them from landfills.
According to the company, while resale has been a long-standing problem many in India have tried to solve, it has addressed the open questions on authenticity, profitability, scalability, security, shipping and defective inventory by providing an easy-to-adopt and hands-free technology to fashion brands.
Shefali Chhachhi, Co-Founder & Managing Partner at Hearth Ventures said, “Hearth Ventures is delighted to partner with the Relove team as lead investors in their pre-seed round raised in Q3 2022. This investment underlines our focus on circular economy and the need for greener lifestyle choices. Our decision to invest in Relove was driven by both the need for such a solution for fashion and lifestyle brands as well as a strong conviction in the founder’s ability to solve effectively for this challenge, given their experience, passion, grit and execution focus.”
Kirti Poonia, Co-founder, Relove, said, “This funding is proof that our solution, while sustainable for the planet, also has a profitable growth model for us, our brands and their consumers. Through this funding, we are going to ensure scale, by normalising having a resell button on every website.”
Prateek Gupte, Co-founder, Relove, mentioned, “We’re excited to have found the right partners to fuel the growth of circularity in India and tap into its enormous potential. We aim to switch the narrative of sustainability from a burden on the company to a growth channel.”
[ad_2]
Source link