The Renewal Workshop to expand following funding round
The Renewal Workshop (TRW), which restores, upcycles or recycles unsold clothing, has secured $6 million following a funding round.
The US-born company, which has its European headquarters in Amsterdam, restores clothes that are otherwise headed for landfill. The renewed stock provides a circular solution for brands so that they can compete in the second-hand market while also reducing their negative environmental impact.
The fashion industry produces 10% of all humanity’s carbon emissions, with the equivalent of one garbage truck full of clothes burned or dumped in a landfill every second.
Second-hand retail is growing fast, and the likes of The North Face and Tommy Hilfiger have used TRW’s services to launch second-sale platforms.
The funding round includes Rubio Ventures, Shift Invest, Quadia, Closed Loop Partners, Gratitude Railroad, Portland Seed Fund, Fashion for Good, DOEN, Mosiaco Management, Mistletoe, and Volta Circle.
"After their successful expansion to Europe, TRW is the leading full service solution that supports recapture, renew and recommerce for apparel companies today on a global platform,” Caroline Brown, TRW board member and managing director at Closed Loop Partners, said.
“Given the fast changing landscape of consumer sentiment, every brand needs to have a resale solution to stay competitive and TRW is the ideal partner from both a technology and execution perspective.”
Sustainability focused companies and customers
Amsterdam is the ideal place for brands to be inspired by sustainability initiatives and embrace new technologies to decarbonise their production lines and reduce waste.
Fashion for Good, the world’s first museum dedicated to sustainable fashion, hosts an accelerator for forward-thinking startups to grow. And second-hand clothing and slow fashion stores are abundant in the city, with shoppers increasingly taking a conscious approach to style.
Read more business news from in and around Amsterdam.