The Renewal Workshop, a Cascade Locks, Ore.-based provider of circular solutions for apparel and textile brands, raised $5.5M in Series A financing.
The round was led by Social Impact Ventures, SHIFT Invest, and Quadia with participation from existing US investors Closed Loop Ventures, Gratitude Railroad, Portland Seed Fund, and High Meadows Investment Group.
The company intends to use the funds to expand into Europe.
Co-founded by Nicole Bassett and Jeff Denby, The Renewal Workshop operates a zero-waste circular system that recovers the full value out of what has already been produced. Brand partners receive impact data on the amount of water, carbon, and chemicals that are saved through their partnership. To date, over two hundred thousand pounds of apparel have been diverted from waste in this system.
With the investment, the company opened the first European renewal facility in Amsterdam, offering their entire suite of services to European apparel brands, from circular business model strategy to garment and textile renewal services and recommerce management.
Co-founder Denby will lead European operations and be based in Amsterdam. Additionally, Tamara Zwart, former European Director of Fashion+ for the Cradle-to-Cradle Institute, will serve as Operations Lead for Europe.
FinSMEs
11/12/2019