Relove raises $700,000 in pre-seed funding
Relove, a brand resale and circularity facilitator, has raised $700,000 in pre-seed funding. The investment round was led by Hearth Ventures with participation from Blume Ventures and angel investors.
“Hearth Ventures is delighted to partner with the Relove team as lead investors in their pre-seed round raised in Q3 2022,” said Hearth Ventures’ co-founder and managing partner Shefali Chhachhi in a press release. “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.”
Angel investors who participated in the funding round include Anita Dongre, Aakrit Vaish, and Utsav Agarwal. The brand aims to use its new funds to scale up its initiatives to foster circularity in the fashion industry, according to the business.
“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,” said Relove’s co-founder Kirti Poonia. “Through this funding we are going to ensure scale, by normalising having a resell button on every website.”
Relove launched in November 2021 and creates resale technology which is designed to reduce waste in fashion while building brand loyalty and fostering customer acquisition. Relove creates digital factory outlets to help brands liquidate damaged inventory and currently works with 40 brands in categories including women's apparel, men's apparel, children’s wear, and jewellery.
“We're excited to have found the right partners to fuel the growth of circularity in India, and tap into its enormous potential,” said Relove co-founder Prateek Gupte. “We aim to switch the narrative of sustainability from a burden on the company to a growth channel.”
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